Biden Expresses Concern Over Nippon Steel's Purchase of U.S. Steel

President Biden plans to express concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, citing national security worries and lack of consultation with U.S. Steel's main union. The deal, which faces political opposition from both Democratic and Republican senators, will be addressed by Biden before Japanese Prime Minister Fumio Kishida's state visit to Washington on April 10. U.S. Steel's stock dropped 12% on the news, as the White House and U.S. officials have privately informed the Japanese government of Biden's decision.