U.S. Steel shares dropped over 17% as reports surfaced that President Joe Biden plans to block the company's sale to Japan's Nippon Steel. Vice President Kamala Harris and former President Donald Trump have voiced their opposition to the deal. U.S. Steel CEO David Burritt warned of potential plant closures and relocation of the Pittsburgh headquarters if the deal is stopped. Burritt emphasized the importance of the deal for competitiveness and jobs. Nippon Steel asserts the acquisition would strengthen the U.S. steel industry and bolster national security.
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00:00It's Benzinga, and here's what's on the block.
00:02U.S. steel shares dropped over 17 percent as reports surfaced that President Joe Biden
00:07plans to block the company's sale to Japan's Nippon Steel.
00:10Vice President Kamala Harris and former President Donald Trump have voiced their opposition
00:14to the deal.
00:15U.S. Steel CEO David Burrett warned of potential plant closures and relocation of the Pittsburgh
00:20headquarters if the deal is stopped.
00:22Burrett emphasized the importance of the deal for competitiveness and jobs.
00:26Nippon Steel asserts the acquisition would strengthen the U.S. steel industry and bolster
00:30national security.
00:31For all things money, visit Benzinga.com.