The move, long expected, cuts off a critical lifeline of capital for the beleaguered American iconFILE PHOTO: A United Steelworkers sign is seen outside the Great Lakes Works United States Steel plant in River Rouge, Michigan US, Sept 16, 2024. REUTERS/Rebecca Cook//File PhotoFILE PHOTO: A United Steelworkers sign is seen outside the Great Lakes Works United States Steel plant in River Rouge, Michigan US, Sept 16, 2024. REUTERS/Rebecca Cook//File PhotoUS President Joe Biden on Friday followed through on his pledge to block Nippon Steel's $14.9 billion bid for US Steel, citing concerns the deal could hurt national security. But Nippon Steel countered that its investments, made by a company from an allied nation, would in fact shore up US Steel's output, and it won a 90-day review extension. Nippon Steel had aimed to raise its global output capacity to 85 million metric tons a year from 65 million now, nearing its long-term goal of taking capacity to 100 million tons.

Source: bd News24 January 04, 2025 04:08 UTC