John Fetterman Speaks Out Against U.S. Steel Acquisition: 'I'm Gonna Do Everything I Can To Block It'
Portfolio Pulse from Erica Kollmann
U.S. Steel Corporation (NYSE:X) is set to be acquired by Nippon Steel Corporation for $14.9 billion. U.S. Senator John Fetterman and United Steelworkers president David McCall have expressed strong opposition to the deal, citing concerns for workers and the desire to keep the company American-owned. Despite the backlash, the acquisition has been approved by both companies' boards. U.S. Steel's stock closed up 26.1% on the announcement.
December 18, 2023 | 10:17 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
U.S. Steel Corporation's acquisition by Nippon Steel is facing political opposition, which could create uncertainty around the deal's completion. However, the stock surged on the announcement.
The strong opposition from Senator Fetterman and USW President McCall could lead to regulatory scrutiny or political intervention that might delay or complicate the acquisition process. However, the initial market reaction was positive, as reflected in the stock's significant price increase. The long-term impact will depend on the political response and the ability of the deal to withstand regulatory challenges.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 100