Shares in United States Steel Corp. dropped sharply Tuesday after President-elect Donald J. Trump said he would block the company’s proposed $14.9 billion sale to Nippon Steel Corp.
U.S. Steel (NYSE: X) fell 8% — $3.28 a share — to $36.67 in the first trading day after Trump’s comments on his Truth Social media platform. Trump’s remarks, the first public statements about the controversial deal since before the presidential election, threw fresh doubt on whether the sale would go through. It’s been almost a year since the Dec. 18 announcement of Nippon Steel’s $55 a share cash bid and all that has happened since.
Both Nippon Steel and U.S. Steel released statements in support of the proposed sale, which both companies have told investors would likely be closed by the end of 2024. Yet that is contingent on outgoing President Joe Biden’s administration review of the deal in the Committee on Foreign Investment in the United States; the companies received an extension earlier this year until after the election.
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