US President Joe Biden blocked Nippon Steel's proposed US$14.9 billion (S$20.4 billion) purchase of US Steel citing national security concerns, in a potentially fatal blow to the deal after a year-long review.
Mr Biden, US President-elect Donald Trump and an influential labour union opposed the effort by Japan's top steelmaker to acquire the iconic American firm, which would have created the world's third-largest steelmaker, according to World Steel Association data.
The path forward is unclear. The companies could sue the US government, another buyer could swoop in for US Steel, or Republicans who favour the deal could urge Trump to find a way to approve it.
Here is what could come next:
THE DEAL ITSELF
The proposed deal has not yet been terminated by the companies even after Mr Biden blocked the deal.
In a joint statement, Nippon and US Steel called Mr Biden's decision "unlawful", and Nippon Steel may file a lawsuit against the US government challenging the procedures behind the decision, Japan's Nikkei business daily reported on Jan 4.
US Steel chief executive David Burritt said on Jan 3: "We intend to fight President Biden's political corruption."
Esta historia es de la edición January 05, 2025 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición January 05, 2025 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
AGE-OLD CRAFT OF WEAVING CARPETS AT RISK
In southern Morocco, women are the guardians of the age-old craft of carpet weaving, an intricate art form that often leaves them with meagre earnings.
Zendaya and Tom Holland engaged, says US media
Spider-Man co-stars Zendaya and Tom Holland are engaged, American media reported on Jan 6, the day after she was spotted wearing a huge diamond ring.
Johnny Depp alerts fans to online scammers posing as him
Hollywood actor Johnny Depp has alerted his fans to online scammers impersonating him.
Singapore composer George Leong calls Dick Lee 'self-centred' amid emotional rant about music scene
Singaporean composer and musician George Leong has worked on some of the biggest hits of Mandopop and Cantopop, but in an impassioned Facebook post, the 54-year-old seemed to have thrown it all away.
Squid Game 2 Met With Backlash Over Vietnam War Reference
Squid Game 2, a dystopian drama in which hopeless people compete for survival by playing Korean children's games, is facing backlash from Vietnamese audiences over a remark on the Vietnam War (1955 to 1975).
68 S'pore writers sign statement on NLB's 'uncritical endorsement' of generative AI
Members of Singapore's literary community are calling on the National Library Board (NLB) to exercise greater prudence in adopting generative artificial intelligence (AI) or risk \"permanently damaging Singapore's literary landscape\".
Mediacorp disqualifies stolen designs from competition
Three illustrations submitted to a Mediacorp design competition have been removed from the media company's website and disqualified after they were found to have been stolen.
From bad boy to Better Man
Pop star Robbie Williams reflects on hedonism and healing for biopic
That very hot drink could be doing you harm
Drinking very hot beverages is a proven risk factor for oesophageal cancer
STRENGTH BAND-AID
Research suggests that resistance bands are as effective as weights at building strength
