Biden Campaign Adviser Brian Deese Reportedly Sounds Alarm On Nippon Steel's Bid For US Steel - A Call for Administration Scrutiny?
Portfolio Pulse from Nabaparna Bhattacharya
Brian Deese, a Biden campaign adviser, has expressed concerns about Nippon Steel Corporation's proposed acquisition of United States Steel Corporation. Deese, who previously led the White House National Economic Council, suggested that the Biden administration should scrutinize the deal. His comments were made in a personal capacity, and the official stance of the White House remains cautious, with only a potential regulatory review indicated. The deal has also faced opposition from U.S. legislators and the United Steelworkers union. Shares of United States Steel Corporation (X) were trading lower by 0.82% at last check.
December 20, 2023 | 7:22 pm
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United States Steel Corporation's stock price may face short-term pressure due to concerns raised by Brian Deese about its acquisition by Nippon Steel. The deal is under scrutiny and has faced backlash from legislators and the United Steelworkers union.
The negative sentiment expressed by a prominent campaign adviser and the potential for regulatory hurdles, combined with opposition from legislators and the union, could lead to uncertainty and a negative short-term impact on United States Steel Corporation's stock price.
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