US Stock Market Move | Biden officially blocked the acquisition, causing the United States Steel Corporation (X.US) to drop more than 7%.

On Friday, the stock price of United States Steel Corporation (X.US) fell, dropping more than 7% to $30.29 as of the time of writing. In terms of news, the White House in the United States released a statement saying that President Biden has formally blocked Nippon Steel's acquisition of United States Steel Corporation. In the statement, Biden said that Nippon Steel's acquisition of United States Steel Corporation would "place one of the largest U.S. steel producers under foreign control, posing risks to U.S. national security and critical supply chains." He emphasized that the U.S. "needs a large American company to represent a major part of U.S. steel production capacity." President-elect Trump had previously stated opposition to a foreign company acquiring United States Steel Corporation. In December 2023, Nippon Steel announced a plan to acquire United States Steel Corporation for $14.9 billion. However, the acquisition faced strong opposition from the United States Steel Corporation Worker's Union and both the Democratic and Republican parties. The U.S. Committee on Foreign Investment has been reviewing the acquisition for months on national security grounds.