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US steel stocks plunge as Biden reportedly seeks to block Nippon Steel takeover

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According to several media reports, President Joe Biden will soon block the planned $14.9 billion takeover of US Steel by the Japanese company Nippon Steel. The share price of the 123-year-old US company then fell by more than 20 percent to its lowest level since last year.

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According to the Financial Times, Biden will try to block the deal because his administration fears the acquisition threatens national security. However, Biden has spoken out against the deal in the past, saying earlier this year that it was “critically important that the company remains an American steel company, domestically owned and operated.”

US Steel's stock price fell more than 22% as of 2:07 p.m. EDT and is now trading at about $27.75 per share – the lowest price the company has traded at since August 2023.

This is a developing story. Check back later for updates.

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