US Steel Shares Melt Down After Biden Reportedly Prepares To Block Deal With Japan’s Nippon

Update (1433ET):

Shares of US Steel in New York crashed around 1343 ET after a Washington Post report, citing three people familiar with the matter, revealed that President Biden intends to formally block Nippon Steel’s proposed $14.9 billion deal with the Pittsburgh-based steelmaker.

Shares crashed 21% to the $27 handle, erasing all gains made in late 2023 after Japan’s largest steelmaker said it would buy US Steel for $55 per share in an all-cash transaction.