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Express News | U.S. Steel Shares Extend Gains Premarket, Last up 6.1%
Express News | U.S. Steel Corp Shares up 1.6% Premarket After Biden Administration Delays Enforcement of Order Blocking Merger With Nippon Steel
U.S. Govt Extends Deadline for Nippon Steel to Abandon U.S. Steel Deal
The USA government has postponed the deadline for the Trade merger of Japanese manufacturing and US Steel (X.US) until mid-June.
According to foreign reports, the USA government has postponed the enforcement date of the directive for Nippon Steel's $14.9 billion acquisition of U.S. Steel (X.US) to June 18 of this year, allowing time for Nippon Steel and U.S. Steel to legally appeal against the denial of the merger plan. They originally had only 30 days to revert the Trade. President Biden decided on the 3rd of this month to block the merger on grounds of National Security, and U.S. Treasury Secretary Yellen stated that the transaction was thoroughly analyzed within the Committee on Foreign Investment in the USA (CFIUS). The current deadline for the merger agreement between Nippon Steel and U.S. Steel is June 18, and both companies are awaiting Biden's decision to postpone the reversion of the merger.
Express News | Nippon Steel's acquisition of United States Steel faces obstacles, raising concerns in both countries' economic sectors. The Prime Minister of Japan calls out to Biden.
Express News | Market news: Japanese Prime Minister Shinzo Abe requested Biden to alleviate the business community's concerns regarding the current state of Trade between Japan Steel and United States Steel.