Search results
Results From The WOW.Com Content Network
(The Center Square) – President Joe Biden blocked a $14.9 billion buyout of Pittsburgh-based U.S. Steel on Friday. The move, albeit not surprising after a year of negotiations that left the ...
Before accepting Nippon's offer, U.S. Steel turned down Cleveland-Cliffs' $7 billion buyout offer in 2023. A tugboat pushes a barge near the United States Steel Corp. Clairton Coke Works facility ...
WASHINGTON (AP) — Nippon Steel and U.S. Steel filed a federal lawsuit Monday challenging a Biden administration decision to block Nippon's proposed $15 billion acquisition of the Pittsburgh company and said that the head of the Steelworkers union and a rival steelmaker worked together to scuttle the buyout.
Biden's decision comes a year after Nippon Steel first announced the $14.9bn (£12bn) deal to buy its smaller Pennsylvania-based rival.
In 2023 before U.S. Steel accepted the buyout offer from Nippon, Cleveland-Cliffs offered to buy U.S. Steel for $7 billion. U.S. Steel turned down the offer and later accepted a nearly $15 billion all-cash offer from Nippon Steel, which is the deal that Biden nixed Friday.
U.S. Steel, formed by J. P. Morgan's merger of Carnegie Steel with other steel producers, was once the largest company in the United States. [21] The Pittsburgh-based steelmaker had held the record for the largest initial public offering of any company in history—becoming the first billion-dollar company—and was added to the Dow Jones Industrial Average on its first day of public trading ...
There's also the newest wrinkle in the escalating battle: Cleveland-Cliffs, an Ohio-based steel manufacturer, offered to buy U.S. Steel in July 2023 for less than half of what Nippon pledged.
Nippon Steel and U.S. Steel filed a federal lawsuit challenging the Biden administration's decision to block a proposed nearly $15 billion deal for Nippon to acquire Pittsburgh-based U.S. Steel..