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

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. X by Japan's Nippon Steel Corp NPSCY, citing foreign ownership would threaten national security and undermine critical supply chains.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. ...