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United States Steel Corporation (NYSE:X) shares are trading lower following a Thursday report suggesting President Joe Biden expressed concerns regarding Nippon Steel Corp‘s (OTC:NISTF) takeover of the company in a multi-billion deal.
The President emphasized the necessity for the company to stay under American ownership and operation, opposing the proposed merger, Reuters reported.
The United States needs to “maintain strong American steel companies powered by American steel workers,” Biden said, Reuters added.
“U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated,” Biden added.
Both Biden and his opponent, Donald Trump, have courted union support in the state, with Trump already criticizing Nippon Steel’s deal as “horrible.”
Opposition to the acquisition has also been voiced by the United Steelworkers union, further complicating Biden’s stance as he seeks to balance domestic interests and diplomatic relations.
On Dec. 18, U.S. Steel announced the end of a months-long bidding war, culminating with it being acquired by the Japanese steel powerhouse Nippon Steel Corp., for $14.1 billion or $55 per share.
U.S.-based rival to U.S. Steel, Cleveland-Cliffs Inc. (NYSE:CLF), started off the chain of events when its proposed $7.25 billion bid to buy U.S. Steel was rejected in August.
Price Action: X shares are trading lower by 2.8% to $39.70 on the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Dennis Diatel on Shutterstock
