United States Steel Corp. surged the most this year after The Washington Post reported that President Joe Biden wouldn’t immediately move to block Nippon Steel Corp.’s takeover bid.

The company confirmed that it will make approximately US$ 11 billion in new investments in US Steel by 2028, including an initial investment in a greenfield project that will be completed after 2028.

Nippon Steel announced in December 2023 that it planned to buy the steel producer for $14.9 billion in cash and debt, and committed to keep the U.S. Steel name and Pittsburgh headquarters.

U.S. Steel had rejected a bid from Cleveland-Cliffs in favor of the offer from Nippon in 2023. Cleveland-Cliffs' Goncalves said this month that he wanted to make a new bid for U.S. Steel.

A decision could be made as soon as this week, they said. Shares of U.S. Steel plunged 24% in New York trading. The Washington Post reported Biden’s plan earlier.

A group of U.S. consumers have sued Nippon Steel to block its proposed $14.9 billion purchase of U.S. Steel , saying the deal threatens to reduce competition and drive up prices for many products.

Sept 13 (Reuters) - White House officials have signaled a delay in taking a decision regarding the takeover of U.S. Steel (X.N), opens new tab by Japan's Nippon Steel (5401.T), opens new tab, the ...

Nippon Steel Corp.’s proposed $12.3 billion acquisition of U.S. Steel Corp. moved a step closer to being blocked after a U.S. national security panel deadlocked on its review and left the final ...

Biden blocks Nippon Steel's $14.9B acquisition of U.S. Steel. Decision cites national security and domestic supply chain concerns. Get special access to three exclusive "Top 10 Stocks" power lists ...

Nippon Steel was standing firm on its proposed $15 billion acquisition of U.S. Steel, Chief Executive Eiji Hashimoto said Tuesday after President Joe Biden’s blocked the top Japanese steelmaker ...

President Biden will decide on the acquisition of US Steel by Japan's Nippon Steel after the matter was deadlocked by the Committee on Foreign Investment in the United States.