Shares of U.S. Steel fell Wednesday as Wall Street wondered whether its $14.1 billion deal with Japan’s Nippon Steel was at risk of falling apart.
Shares of US Steel fell 25% in afternoon trading after the Washington Post reported that President Joe Biden was preparing to formally block the proposed acquisition. As of 2:35 p.m. ET, shares of US Steel were down $7.12, or 20%, at $28.48.
At an afternoon news conference, a White House official downplayed the Washington Post story, which cited three people familiar with the president’s plans. In a statement, the White House referred to a review process by the Committee on Foreign Investment in the United States (CFIUS), a group chaired by the Treasury secretary.
“CFIUS has not forwarded a recommendation to the president, and that is the next step in that process,” a White House official said.
—This is a developing story and will be updated.
