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United States Steel

United States Steel Corp operates primarily in the United States but also has a steelmaking capacity in Slovakia. The company's operating segments include North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment includes U. S. Steel's integrated steel plants and equity investees in North America involved in the production of slabs, strip mill plates, sheets, and tin mill products, as well as all iron ore and coke production facilities in the United States. It primarily serves North American customers in the service center, conversion, transportation, construction, container, and appliance, and electrical markets.

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Joe Biden bloquea la adquisición de U.S. Steel por Nippon Steel, citando preocupaciones de seguridad nacional y defensa de la industria local.

Biden bloquea la compra de U.S. Steel por Nippon Steel: Seguridad nacional en juego

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Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) CEO Lourenco Goncalves repeatedly predicted President Joe Biden would block Nippon Steel Corp.&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42792034/biden-blocks-us-steel-deal-whats-next-for-x-stock">proposed $14.9 billion acquisition</a> of United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) months before it happened, according to documents submitted to federal regulators.
In at least nine investor calls throughout 2024, Goncalves, whose company&#8217;s own $7 billion bid for U.S. Steel was rejected in August 2023, expressed confidence the deal would fail, reported Reuters on Sunday. 
&#8220;I can&#8217;t force U.S. Steel to sell to me, but I can work my magic to make a deal that I don&#8217;t agree with not to close,&#8221; he told investors during a JP Morgan conference on Mar. 13, according to a letter from Nippon Steel&#8217;s lawyers to CFIUS.
The revelation comes after Biden blocked the Japanese steelmaker&#8217;s bid on Mar. 14, citing national security concerns. The White House stated Goncalves&#8217; comments did not influence the decision. Cleveland-Cliffs and Goncalves declined to comment on the matter.
The deal faced mounting political pressure, with both Biden and President-elect Donald Trump opposing foreign ownership of U.S. Steel, particularly after the United Steelworkers union expressed concerns. U.S. Steel said it will continue fighting for the deal.
Price Action: United States Steel Corp. closed at $30.47 on Friday, down 6.53% for the day. In after-hours trading, the stock slightly recovered by 1.08%. Over the past year, U.S. Steel&#8217;s stock has fallen by 36.98%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>. Nippon Steel Corp. is currently trading at 3,150 JPY, down 1.01% at the time of writing this article.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Cleveland-Cliffs CEO Predicted Biden's Block $14.9B Nippon Steel-US Steel Deal Months Before Action

With the start of the new year, investors bid farewell to the Santa Claus Rally, as the U.S. stock market extended its weak momentum into January, logging five consecutive losing sessions, the longest <a href="https://www.benzinga.com/news/earnings/25/01/42780825/sp-500-falls-for-5th-straight-session-tesla-tumbles-greed-index-remains-in-fear-zone">negative streak since April.</a>
Just weeks before Donald Trump's second presidential term begins, a sense of uncertainty looms large as investors await clarity on policies that could reshape the American economy and beyond.
The bond market is flashing warning signs that could ripple across the economy. Treasury yields have continued their sharp ascent, with the 30-year yield hitting 4.8%, its highest level in over a year. Rising yields are often seen as a harbinger of higher borrowing costs and potential inflationary pressures, and investors are taking notice.
Reflecting this unease, a widely tracked long-dated Treasury exchange traded fund — the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) — saw record <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42777236/investors-dump-long-dated-treasury-etf-at-record-pace-ahead-of-trumps-white-house-return">monthly outflows in December</a>, a signal of how bond investors are bracing for volatility ahead of Trump's return to the Oval Office.
Higher bond yields typically challenge the stock market, as they make debt financing more expensive for companies while reducing the relative attractiveness of equities.
At the individual company level, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) suffered its worst weekly performance since late October after reporting 2024 deliveries that were 1% lower than the previous year, marking the first year-over-year decline in the company's history. Analysts view 2025 as a pivotal year for the EV leader to address concerns over demand, competition <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42777950/teslas-first-sales-drop-splits-wall-street-2025-will-be-the-prove-it-year">and its growth trajectory.</a>
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<h1 class="wp-block-heading">Biden Blocks Takeover</h1>
President Joe Biden blocked the $14.9 billion takeover of United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) by Japan&#8217;s Nippon Steel Corp, citing national security concerns. Following the decision, U.S. Steel shares plummeted on Friday, reflecting investor disappointment over the collapsed deal and the uncertainty surrounding <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42787508/biden-blocks-14-9b-us-steel-takeover-shares-plunge">the company's future.</a>
<h1 class="wp-block-heading">Squid Game Mania</h1>
Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>)&#8217;s &#8220;Squid Game&#8221; Season 2 shattered debut records, drawing over 100 million <a href="https://www.benzinga.com/24/12/42751367/netflix-posts-record-debut-with-squid-game-season-2-heres-how-many-people-watched-show">global viewers within days.</a>
<h1 class="wp-block-heading">Ford Sales Surge</h1>
Automaker Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) reported a 9% increase in total U.S. sales last quarter, driven by strong demand for electric vehicles <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42791032/ford-shifts-into-high-gear-q4-total-us-sales-surge-9">and popular truck models.</a>
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Goodbye Santa Rally, Tesla Falters On Deliveries, Investors Flee Bonds Ahead Of Trump's Second Term: This Week In The Market

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Benzinga Market Summary: Johnson Elected House Speaker, US Steel Falls After Nippon Merger Is Blocked, NVIDIA Continues Higher

Wall Street staged a vigorous rebound on Friday, potentially snapping a five-day losing streak, the longest since April, as investors stepped back into the <a href="https://www.benzinga.com/markets">market with renewed optimism.</a>
The major indices all traded in the green, with the Nasdaq 100 leading the charge. Notably, every S&amp;P 500 sector posted gains, underscoring broad-based strength across the market.
On the economic front, the latest ISM Manufacturing PMI exceeded expectations, signaling a healthier-than-anticipated manufacturing sector in December. This marked the second consecutive month of expansion. 
Treasury yields edged higher, with the 30-year yield ticking up to 4.80%. Richmond Fed President Thomas Barkin hinted at a hawkish tone during his speech at the Maryland Bankers Association, highlighting the need to keep restrictive monetary policy to counter persistent inflation risks.
In commodities market, crude oil prices climbed over 1%, settling at $73.82 per barrel, marking their sixth consecutive session of gains. In contrast, natural gas prices tumbled nearly 8%, pressured by updated weather forecasts pointing to milder-than-expected winter conditions in the coming weeks and a smaller-than-anticipated storage draw for the <a href="https://www.benzinga.com/25/01/42790572/us-natural-gas-prices-drop-sharply-as-new-weather-forecasts-lower-weekly-inventory-pull-weigh-on-demand">week ending Dec. 27.</a>
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 1% to $98,000, extending its winning streak to four consecutive sessions. 
<h1 class="wp-block-heading">Friday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day % chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>21,301.47</td>
<td>1.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,935.81</td>
<td>1.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,254.96</td>
<td>1.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,610.07</td>
<td>0.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:20 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010225&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 1.1% to $590.80.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.7% to $426.64.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 1.5% to $517.68.</li>
<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soared 1.1% to $223.58.</li>
<li>The&nbsp;Consumer Discretionary Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up 1.5%; the&nbsp;Consumer Staples Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, down 0.2%.</li>
</ul>
<h1 class="wp-block-heading">Friday&#8217;s Stock Movers</h1>
<ul>
<li>United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) tumbled nearly 6% after President Joe Biden vetoed Nippon Steel's proposed acquisition citing national security concerns and potential risks to the domestic supply chain. In response, the two companies released a joint statement pledging to take all necessary action to protect their legal rights.</li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) gained 4.4% on Friday, partially recovering from Thursday's 6% decline. Despite the uptick, the stock remains poised for its worst weekly performance since early October.</li>
<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) dropped 7.4% on Friday, extending losses as the fallout from Hindenburg Research&#8217;s short report, released on Thursday, continued to pressure the stock.</li>
</ul>
U.S. automakers experienced significant price actions following the release of fourth-quarter delivery numbers. After Tesla's disappointing results on Thursday, several rivals delivered upbeat reports:
<ul>
<li>General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>): Reported a 21% year-over-year increase in U.S. sales for the fourth quarter.</li>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>): Posted a 9% year-over-year rise in sales for the same period. Ford rose 1.9%.</li>
<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) announced it delivered 14,183 vehicles last quarter, surpassing both the 13,972 units delivered a year ago and the Street&#8217;s consensus estimate of 13,000. Shares rocketed over 22%. </li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42792034/biden-blocks-us-steel-deal-whats-next-for-x-stock">Biden Blocks US Steel Deal: What&#8217;s Next For X Stock?</a></li>
</ul>
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Wall Street Rebounds After Five-Day Slump, Automakers Move, US Steel Tumbles: What's Driving Markets Friday?

United States Steel Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) is caught in a whirlwind of challenges. From technical bearish signals to a major acquisition roadblock, the <a href="https://www.benzinga.com/quote/X/news">stock is under pressure</a>. 
Yet, analysts believe opportunities may still exist for investors willing to ride out the storm.
<h2 class="wp-block-heading">Bearish Signals Dominate X Stock Charts</h2>
US Steel's stock performance has been disappointing, with a 36.74% decline over the past year, compounded by 22.76% and 19.64% drops in six months and the past month, respectively. 
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010325&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="625" height="492" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/03113045/Screenshot-2025-01-03-at-10.00.25-PM.png" alt="" class="wp-image-717452" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/03113045/Screenshot-2025-01-03-at-10.00.25-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/03113045/Screenshot-2025-01-03-at-10.00.25-PM-300x236.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010325&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>
Key technical indicators suggest bearish momentum is strong. The stock price of $30.48 is below its eight, 20, 50 and 200-day simple moving averages, with the MACD indicator at a negative 1.63 reinforcing a negative outlook.
Read Also: <a href="https://www.benzinga.com/markets/25/01/42780788/us-steel-tumbles-nearly-10-in-overnight-trading-on-robinhood-as-biden-reportedly-plans-to-block-149b-nippon-steel-merger">US Steel Tumbles Nearly 10% In Overnight Trading On Robinhood As Biden Reportedly Plans To Block $14.9B Nippon Steel Merger</a>
<h2 class="wp-block-heading">Biden Blocks NSC's $55-Per-Share Bid</h2>
In a dramatic twist, President Joe Biden officially blocked Nippon Steel Corp's (OTCPK:NISTF) (OTCPK:NPSCY) $55-per-share bid for US Steel, citing national security and supply chain concerns. This decision ends the 382-day acquisition saga, leaving both <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42787508/biden-blocks-14-9b-us-steel-takeover-shares-plunge">US Steel and NSC reeling.</a>
JPMorgan analyst Bill Peterson expects a sharp decline in the stock, potentially into the high $20s. However, he remains constructive, with a valuation outlook above $40, emphasizing US Steel&#8217;s growth prospects.
<h2 class="wp-block-heading">What Lies Ahead?</h2>
Peterson outlines two potential paths for US Steel. The company could remain a standalone entity, focusing on its Big River Steel operations and transitioning legacy blast furnace assets. 
Alternatively, domestic players like Cleveland-Cliffs Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) may bid for parts of the company. Cleveland-Cliffs has already shown interest in acquiring blast furnace assets, though antitrust issues could complicate a deal.
<h2 class="wp-block-heading">Market Challenges Add Pressure</h2>
The steel market itself is not providing much relief. Hot-rolled coil prices, currently at $694–$675 per ton, remain well below benchmarks set by competitors like Nucor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) and Cleveland-Cliffs. 
With auto demand softening and construction activity reliant on potential rate cuts, the outlook for steel pricing through 2025 remains cautious, the analyst notes.
<h2 class="wp-block-heading">Long-Term Potential</h2>
Despite the current turbulence, Peterson highlights US Steel's growth drivers, including the Big River Steel expansion and new product lines. 
He sees the stock's standalone valuation supported by these initiatives, although investors may need patience to realize gains.
<h2 class="wp-block-heading">Takeaway</h2>
While US Steel faces immediate hurdles, its long-term potential remains intact, particularly if market dynamics improve or strategic domestic deals materialize. 
Investors should weigh these factors carefully as the company navigates a challenging landscape.
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NISTF

Biden Blocks US Steel Deal: What's Next For X Stock?

Politics

White House's Kirby Says Biden's U.S. Steel Decision Solely Based On Security Risks; U.S. Steel's Critical Role In U.s. Supply Chains Drove Biden's Decision

Editor's note: This story has been updated with comments from X and Nippon Steel in paragraph six.
President Joe Biden announced on Friday his decision to block the $14.9 billion acquisition of United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) by Japan's Nippon Steel Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>), citing foreign ownership would threaten national security and <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/03/statement-from-president-joe-biden-13/#:~:text=As%20I%20have%20said%20many,critical%20for%20resilient%20supply%20chains" rel="noreferrer noopener">undermine critical supply chains</a>.
In a statement released by the White House, Biden emphasized the critical role of steel in supporting the nation's infrastructure, defense, and industrial base.
He also highlighted a surge in domestic manufacturing and noted that over 100 new steel and iron mills had been established during his administration.
The President underscored efforts to combat unfair trade practices, including tripling tariffs on steel imports from China. These measures, he said, aim to protect American jobs and restore competitiveness for domestic producers.
"U.S. Steel will remain a proud American company – one that's American-owned, American-operated, by American union steelworkers – the best in the world," he said.
In a joint statement, the companies condemned Biden's decision and called it unlawful. The statement read, "We are dismayed by President Biden's decision to block Nippon Steel's acquisition of U. S. Steel, which reflects a clear violation of due process and the law governing CFIUS. Instead of abiding by the law, the process was manipulated to advance President Biden's political agenda. The President's statement and Order do not present any credible evidence of a national security issue, making clear that this was a political decision. Following President Biden's decision, we are left with no choice but to take all appropriate action to protect our legal rights." See <a target="_blank" href="https://investors.ussteel.com/news-events/news-releases/detail/708/nippon-steel-corporation-and-u-s-steel-condemn-u-s" rel="noreferrer noopener">the complete statement here</a>.
This decision concludes a yearlong saga that drew attention to the iconic Pittsburgh-based company as its fate became entangled in <a target="_blank" href="https://www.benzinga.com/markets/equities/25/01/42779827/joe-biden-to-decide-on-nippon-steels-14-9b-us-steel-acquisition-on-friday-amid-veto-offer-labor-concerns" rel="noreferrer noopener">political and economic debates</a>.
While key Committee on Foreign Investment in the United States (CFIUS) members, including the Justice, Treasury, and State Departments support the deal, U.S. Trade Representative&nbsp;Katherine Tai has raised labor-related concerns.
In a last-minute effort to secure approval, Nippon Steel proposed giving the U.S. government direct veto power over production changes at U.S. Steel's facilities.
The United Steelworkers union, led by President&nbsp;David McCall, strongly <a target="_blank" href="https://www.benzinga.com/markets/25/01/42780788/us-steel-tumbles-nearly-10-in-overnight-trading-on-robinhood-as-biden-reportedly-plans-to-block-149b-nippon-steel-merger" rel="noreferrer noopener">opposed the acquisition as well</a>.&nbsp;
Nippon Steel and U.S. Steel have warned of immediate legal challenges if the deal is blocked, claiming in a Dec. 17 letter that political considerations have influenced the review process.
Critics have expressed concerns that blocking the deal could strain U.S.-Japan relations, as Japan is a significant ally and major foreign investor in the U.S., reported <a target="_blank" href="https://www.nbcnews.com/business/business-news/biden-blocks-japans-nippon-steel-acquiring-us-steel-rcna186073" rel="noreferrer noopener">CNBC</a>.
Price Action: X shares are trading lower by 7.48% at $30.16 at last check on Friday.
Image via Shutterstock

Biden Blocks $14.9B US Steel Takeover, Shares Plunge (UPDATED)

Companies will take all appropriate action to protect their legal rights
We are dismayed by President Biden's decision to block Nippon Steel's acquisition of U. S. Steel, which reflects a clear violation of due process and the law governing CFIUS. Instead of abiding by the law, the process was manipulated to advance President Biden's political agenda. The President's statement and Order do not present any credible evidence of a national security issue, making clear that this was a political decision. Following President Biden's decision, we are left with no choice but to take all appropriate action to protect our legal rights.
Nippon Steel and U. S. Steel are confident that our transaction would revitalize communities that rely on American steel, including in Pennsylvania and Indiana, provide job security for American steelworkers, enhance the American steel supply chain, help America's domestic steel industry compete more effectively with China and bolster national security. Nippon Steel is the only partner both willing and able to make the necessary investments – including at least $1 billion to Mon Valley Works and approximately $300 million to Gary Works as a part of $2.7 billion in investment that it has already committed – to protect and grow U. S. Steel as an iconic American company for the benefit of the communities in which it operates and the entire American steel industry. Blocking this transaction means denying billions of committed investment to extend the life of U. S. Steel's aging facilities and putting thousands of good-paying, family-sustaining union jobs at risk. In short, we believe that President Biden has sacrificed the future of American steelworkers for his own political agenda. We are committed to taking all appropriate action to protect our legal rights to allow us to deliver the agreed upon value of $55.00 per share for U. S. Steel's stockholders upon closing.
Since the outset of the regulatory review process, we have diligently and transparently engaged with CFIUS. The record before CFIUS is abundantly clear that this transaction, with the commitments made by Nippon Steel, would strengthen, not weaken, national security. Yet, it is clear that the CFIUS process was deeply corrupted by politics, and the outcome was pre-determined, without an investigation on the merits, but to satisfy the political objectives of the Biden White House. It is shocking — and deeply troubling — that the U.S. government would reject a procompetitive transaction that advances U.S. interests and treat an ally like Japan in this way. Unfortunately, it sends a chilling message to any company based in a U.S. allied country contemplating significant investment in the United States.
To proactively address any concerns that could be raised by CFIUS, Nippon Steel voluntarily committed to various mitigation measures that would be fully enforceable by the U.S. government, including: having a majority of the go-forward board of directors of U. S. Steel be composed of U.S. citizens; having three independent directors who will be approved by CFIUS; ensuring that key positions such as CEO and CFO will be U.S. citizens; removing any Nippon Steel involvement in trade measures proposed by U. S. Steel; prohibiting the transfer of any production and jobs outside the U.S.; guaranteeing that production capacity at U. S. Steel's facilities in Pennsylvania, Arkansas, Alabama, Indiana and Texas would not be reduced for ten years without approval from CFIUS; regularly reporting to CFIUS on the status of compliance with the national security agreement; and allowing CFIUS to send an observer to the board of directors. However, CFIUS did not give due consideration to a single mitigation proposal offered by the Parties, as evidenced by the absence of any written feedback to the four robust national security agreements that the Parties proactively offered over 100 days. We are deeply disappointed to see President Biden's decision today.
We would like to express our sincere gratitude to the wide range of stakeholders in the United States and Japan, including U. S. Steel employees, local business and community members, government officials, and elected officials for their tremendous cooperation and enthusiastic support for this transaction. We will never give up on pursuing business in the U.S. for the benefit of the U.S. domestic stakeholders. We continue to believe that a partnership between Nippon Steel and U. S. Steel is the best way to ensure that U. S. Steel, and particularly its USW-represented facilities, will be able to compete and thrive well into the future – and we will work closely with stakeholders, including government officials from Japan and allies and partners in the U.S., to take all appropriate action to protect our legal rights and secure that future.

Nippon Steel Corporation And U. S. Steel Issue Statement Following U.S. President Biden's Decision To Block Proposed Acquisition; Says To Take Appropriate Action

Rumors

Watching Cleveland-Cliffs; Hearing M&A Blog Suggesting Company May Attempt To Acquire United States Steel

Japan Industry Minister Muto Says President Biden's Decision To Block Nippon Steel's Acquisition Of U.S Steel Is Difficult To Comprehend And Regrettable

Macro Notification

Benzinga Market Summary: Biden To Reportedly Block US Steel-Nippon Deal, S&P Rises, Evercore And Canaccord Raise Price Targets On Tesla

USW Union Says It Welcomes Biden's Decision To Block U.S. Steel-Nippon Deal; Clear From U.S. Steel's Recent Financial Performance That It Can "Easily Remain A Strong And Resilient Company"; Call On U.S. Steel's Board To Take Necessary Steps To Allow It To Further Flourish And Remain Profitable

<a href="https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/03/statement-from-president-joe-biden-13/#:~:text=As%20I%20have%20said%20many,critical%20for%20resilient%20supply%20chains" title="https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/03/statement-from-president-joe-biden-13/#:~:text=As%20I%20have%20said%20many,critical%20for%20resilient%20supply%20chains">https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/03/statement-from-president-joe-biden-13/#:~:text=As%20I%20have%20said%20many,critical%20for%20resilient%20supply%20chains</a>

US President Biden Blocks United States Steel From Being Acquired

U.S. stock futures were higher this morning, with the Dow futures gaining more than 100 points on Friday.
Shares of United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) fell sharply in <a href="https://www.benzinga.com/markets/equities/25/01/42779827/joe-biden-to-decide-on-nippon-steels-14-9b-us-steel-acquisition-on-friday-amid-veto-offer-labor-concerns">today's pre-market trading</a>.
This decline comes as President Joe Biden is poised to block the proposed acquisition by Nippon Steel (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>), potentially as soon as Friday, Reuters reported, citing a source familiar with the matter.
United States Steel shares dipped 7.3% to $30.23 in the pre-market trading session.
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United States Steel, Diageo And Other Big Stocks Moving Lower In Friday's Pre-Market Session

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US Steel shares are trading lower following a report suggesting President Joe Biden is planning to block Nippon Steel's proposed acquisition of the company.

X: -10% &#x7C; <a href="https://www.benzinga.com//node/42779827">Joe Biden To Decide On Nippon Steel's $14.9B US Steel Acquisition On Friday Amid Veto Offer, Labor Concerns</a>
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Market-Moving News for January 3rd

Shares of U.S. Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) plunged 9.82% in overnight trading on Robinhood on Friday, following a modest 1.38% gain during the last after-hours session.
What Happened: This decline comes as President&nbsp;Joe Biden&nbsp;is poised&nbsp;to block the proposed acquisition by&nbsp;Nippon Steel (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>), potentially as soon as Friday, Reuters reported, citing a source familiar with the matter.
Despite Biden&#8217;s previous&nbsp;<a href="https://www.benzinga.com/markets/equities/25/01/42779827/joe-biden-to-decide-on-nippon-steels-14-9b-us-steel-acquisition-on-friday-amid-veto-offer-labor-concerns">opposition to foreign ownership </a>of&nbsp;the American steel giant, the decision remains pending.
In a strategic move to gain approval, Nippon Steel has proposed granting&nbsp;the U.S. government direct veto&nbsp;power over any changes in production at U.S. Steel&#8217;s facilities. The Japanese company has also committed to maintaining production levels at its mills in six states for a decade, contingent on approval from the Committee on Foreign Investment in the United States (CFIUS).
The deal has received backing from key CFIUS members, including the Justice, Treasury, and State Departments. However, U.S. Trade Representative Katherine Tai has raised concerns about labor issues. CBS News reports that U.S. Steel may pursue legal action if President Biden blocks the acquisition, potentially targeting both the administration and competitor Cleveland-Cliffs Inc.
The White House has yet to respond to Benzinga&#8217;s queries.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/24/12/42740507/reddit-user-asks-how-do-so-many-people-afford-multi-million-dollar-homes-says-even-six-figure-salaries-mean-nothing-in-this-area?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Reddit User Asks, &#8216;How Do So Many People Afford Multi-Million Dollar Homes?&#8217; Says Even Six-Figure Salaries &#8216;Mean Nothing In This Area&#8217;</a>
Why It Matters: The proposed acquisition by Nippon Steel has stirred significant debate within the U.S. government. CFIUS had <a href="https://www.benzinga.com/news/global/24/12/42751615/nippon-steel-proposes-biden-government-veto-over-us-steels-production-output-in-bid-to-secure-acquisition">previously warned that a takeover </a>by the Japan-based company could lead to reduced domestic steel output, posing risks to national security.
President Biden&#8217;s decision is complicated by <a href="https://www.benzinga.com/markets/asia/24/12/42666379/joe-biden-faces-decisive-call-on-nippon-steels-14-9b-bid-for-us-steel-amid-national-security-concerns">opposition from United Steelworkers </a>Union President&nbsp;David McCall, who criticized the bid as detrimental to workers and questioned Nippon Steel&#8217;s commitment to unionized operations. Despite internal debates within the White House, Biden&#8217;s stance diverges from that of&nbsp;some advisers who support the acquisition.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo by Dennis Diatel on Shutterstock

US Steel Tumbles Nearly 10% In Overnight Trading On Robinhood As Biden Reportedly Plans To Block $14.9B Nippon Steel Merger

U. S. Steel is making this commitment to thank the local communities for supporting us as we pursue our transaction with Nippon Steel, and in recognition of the vital role our employees play to drive the local economy and the American steel industry.
This commitment will only be made possible with the investments that Nippon Steel will make in our company, securing our facilities for generations to come, especially at the Mon Valley in Western Pennsylvania.

Reported Earlier, U.S. Steel And Nippon Steel To Fund Workforce Training Center In Western PA

President Joe Biden is expected to announce his decision on Nippon Steel&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>)&nbsp; $14.9 billion acquisition of United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) as soon as Friday, despite previously expressing opposition to foreign ownership of the iconic American steelmaker.
In a last-minute effort to secure approval, Nippon Steel proposed giving the U.S. government direct veto power over production changes at U.S. Steel&#8217;s facilities, <a href="https://www.cbsnews.com/news/biden-to-announce-decision-us-steel-nippon-as-early-as-friday/">reported</a> CBS News on Thursday, citing sources.
The Japanese steelmaker also offered a 10-year guarantee maintaining production levels at mills across six states, subject to Committee on Foreign Investment approval.
While key CFIUS members including the Justice, Treasury, and State Departments support the deal, U.S. Trade Representative Katherine Tai has raised labor-related concerns. Sources according to the report indicate U.S. Steel may pursue legal action if Biden blocks the acquisition, potentially targeting the administration and rival Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>).
Price Action: U.S. Steel shares closed at $32.60 on Thursday, down 4.09%, before recovering 1.38% in after-hours trading, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>. Nippon Steel shares were seen trading 1.2% higher at JPY 3,182 ($20.23) in Tokyo at the time of writing.
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Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Joe Biden To Decide On Nippon Steel's $14.9B US Steel Acquisition On Friday Amid Veto Offer, Labor Concerns

Nippon Steel (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>) proposed granting the U.S. government veto power over reductions in U.S. Steel Corp&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) production capacity in a bid to secure approval from President Joe Biden for its $14.9 billion acquisition of the American steelmaker.
The Washington Post, which first reported this story, <a href="https://www.washingtonpost.com/business/2024/12/31/nippon-us-steel-biden-union/">noted</a> the proposal is aimed at mollifying the Committee on Foreign Investment in the United States, which warned last week that Japan-based Nippon Steel's takeover of U.S. Steel could lead to a decline in domestic steel output that would pose "risks to the national security of the United States."
Biden, who faces a Jan. 7 deadline to make a decision, opposed the deal, aligning with United Steelworkers Union President David McCall, who criticized Nippon Steel's bid as harmful to workers and questioned its commitment to unionized operations. Despite internal White House debates, Biden's stance diverges from advisers who favor the acquisition.
Nippon Steel's latest offer includes a 10-year commitment to maintaining production capacity at mills in six states, requiring significant investment beyond its $2.7 billion pledge for operations in Pennsylvania and Indiana. It also includes a two-year guarantee for a mostly idle steel mill in Granite City, Illinois. The company also has promised no layoffs or closures of unionized facilities until at least September 2026.
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Nevertheless, union opposition remains strong. McCall accused Nippon Steel of planning to shift work to nonunionized facilities. He has also raised concerns about the company's history of undercutting U.S. markets by selling steel below cost. Nippon Steel rebutted these claims, alleging McCall has leveraged political ties with Biden to oppose the transaction.
<h1 class="wp-block-heading">Divide Among Workers</h1>
The sale has created a divide within the steelworkers' union. While leadership opposes the deal, rank-and-file members at aging mills slated for modernization have expressed support. The company's revised "national security agreement" includes legally binding commitments aimed at easing concerns. But that has not swayed McCall, who dismissed the proposal as unenforceable.
<h1 class="wp-block-heading">X, NPSCY Price Action</h1>
U.S. Steel shares closed up 9.54% at $33.99 and Nippon Steel shares closed up 1.77% at $6.90 on Tuesday.
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Photo: Poetra.RH via Shutterstock

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