US Steel Falls on Biden's Plan to Voice Concern on Nippon Steel Deal
- Shares tumble in biggest intraday loss since June 2020
- Nippon bid for US Steel is up for review in Cfius process
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President Joe Biden is expected to soon release a statement of concern about Nippon Steel Corp.’s proposed purchase of United States Steel Corp., people familiar with the matter say. Shares of the Pittsburgh-based company fell the most in almost four years.
US Steel dropped as much as 15% to $39.86, the biggest intraday loss since June 2020. The move is the latest show of support from the Biden administration for the steel union as it seeks to win better terms from the Japanese steelmaker. Nippon’s proposal is to buy the company for $55 per share in cash. Nippon Steel shares opened modestly lower in Tokyo on Thursday, falling as much as 0.6%.