US Steel Plunges for Second Day as Biden Comes Out Against Deal
- US Steel shares extend losses after tumbling Wednesday
- ‘I told our steel workers I have their backs,’ Biden says
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United States Steel Corp. plunged for a second day after President Joe Biden said the company should retain American ownership, coming out against a takeover by Japan’s Nippon Steel Corp. despite the risk of upsetting a key ally.
The stock dropped as much as 11%, and has lost about a fifth of its value in the past two days, when news first broke that Biden would express concern about the deal. The shares are now trading at levels last seen before the Nippon deal was announced in December, suggesting investors are increasingly skeptical about its chances of success amid an ongoing federal review.