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U.S. Steel shares tumbled more than 20% on Wednesday as the White House is reportedly preparing to block the company's planned sale to Japan's Nippon Steel.
A Japanese steelmaker seeking to acquire U.S. Steel said Wednesday that U.S. citizens would make up the majority of the board of directors, as the $15 billion proposal faces mounting political opposition ahead of the U.S. election in November.
Vice President Kamala Harris said U.S. Steel should stay in the hands of American owners, dealing another blow to the Japanese manufacturer Nippon Steel’s $15 billion proposal to acquire the storied American steel maker.
Pompeo, who served as the top American diplomat under Trump, will be an adviser to the Japanese company for its US$14.1 billion purchase, according to people familiar with the matter, speaking on condition of anonymity to discuss the move. The deal’s fate is unclear as it undergoes a national security review and faces opposition by the United Steelworkers union.
