President Joe Biden has officially killed the contentious sale of U.S. Steel to its Japanese rival Nippon Steel, striking down a $14.9 billion deal announced in 2023 and propelling shares of the American metal company downward.
The U.S. Steel Clairton Coke Plant in Clairton, Pennsylvania in March.
“U.S. Steel will remain a proud American company—one that’s American-owned, American-operated, by American union steelworkers—the best in the world,” Biden said in a statement released Friday morning.
Biden cited the importance of protecting American steelworkers and national security as reasons for his decision.
Shares of U.S. Steel fell 8% in premarket trading to $30, about 45% below the $55 per share acquisition price agreed upon by the steel companies.
This is a breaking news story and will be updated.