President Joe Biden will soon block Japan-based Nippon Steel’s planned $14.9 billion takeover of U.S. Steel, according to multiple outlets, sending the 123-year-old American company’s stock reeling more than 20% to a low not seen since last year.
UKRAINE - 2021/12/18: U.S. Steel shares tanked Wednesday (Photo Illustration by Pavlo Gonchar/SOPA ... [+]
Biden will attempt to block the deal over concerns from his administration that the acquisition threatens national security, according to the Financial Times—though Biden has voiced opposition to the deal in the past, saying earlier this year “it is vital for it to remain an American steel company that is domestically owned and operated.”
U.S. Steel’s stock price is down more than 22% as of 2:07 p.m. EDT, slumping to about $27.75 per share—the lowest price the company has traded at since Aug. 2023.
This is a developing story. Check back for updates.