U.S. Steel shares drop as Biden plans to block purchase by Japan Nippon Steel.

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WASHINGTON (Reuters) -U.S. President Joe Biden plans to express concern over Nippon Steel’s proposed $14.9 billion purchase of U.S. Steel, a person familiar with the matter said on Wednesday, pushing the U.S. company’s stock nearly 13% lower on bets the deal could face greater political opposition.

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The issue has the potential to overshadow an April 10 summit between Biden and Japanese Prime Minister Fumio Kishida aimed at boosting the long-standing security alliance between their countries in the face of growing Chinese strength.

In December, Nippon Steel clinched a deal to buy the 122-year-old iconic U.S. steelmaker for a hefty premium, betting that U.S. Steel would benefit from the spending and tax incentives in Biden’s infrastructure bill.

finance.yahoo.com/news/biden-express-concern-over-nippon-170903464.html

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