US President Joe Biden plans to express concern over Nippon Steel’s proposed $14.9 billion purchase of US Steel, pushing the company’s stock 12% lower on bets the deal could face greater political opposition.
In December, Nippon Steel clinched a deal to buy the 122-year-old iconic steelmaker for a hefty premium, betting that U.S. Steel will benefit from the spending and tax incentives in Biden’s infrastructure bill. However, several Democratic and Republican US senators have criticized the deal, citing national security concerns or raising questions about why the two companies did not consult US Steel’s main union ahead of the announcement.
The White House said the deal needed to be carefully scrutinized given U.S. Steel’s core role in producing a material critical to national security. Nippon Steel believes the acquisition will be beneficial to all stakeholders.
Biden will issue a statement about Nippon’s planned acquisition before Japanese Prime Minister Fumio Kishida arrives for a state visit in Washington on April 10.
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