On March 13, 2024, The Washington Post published an article entitled “Biden calls American ownership of U.S. Steel ‘vital’ as he opposed deal.” It stated, in pertinent part, that “President Biden [said] that he opposed Nippon Steel’s proposed acquisition of U.S. Steel, an extraordinary move that comes as a federal panel continues its review of the transaction for any potential effect on national security.”
On this news, U.S. Steel stock fell by 12.7% on March 13, 2024, and 6.3% on March 14, 2024.
