U.S. Steel shares drop more than 15% on report White House preparing to block Nippon Steel takeover
United States Steel Mon Valley Works Clairton Plant and Clairton Coke Works facility in Clairton Pennsylvania, Monday, September 11, 2023.
Thomas O’Neil | Nurphoto | Getty Images
U.S. Steel shares tumbled nearly 18% on Wednesday as the White House is reportedly preparing to block the company’s sale to Nippon Steel.
People familiar with the matter told the Washington Post that President Joe Biden was preparing to announce that he will block the $14.9 billion deal. Biden told workers at United Steelworkers’ headquarters in April that U.S. steel “should remain totally American.”
U.S. Steel CEO David Burritt told the Wall Street Journal Wednesday that the company would be forced to close mills and move its headquarters from Pittsburgh if the deal is blocked.
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