United States Steel Corp (X)

United States Steel Corp. (X) saw its stock price plummet by 12.77% following reports that President Joe Biden is expected to express concern about Nippon Steel Corp.'s proposed purchase of the company. This news comes amidst the Biden administration's support for the steel union's efforts to secure better terms from the Japanese steelmaker.

• Market Reaction: Shares of US Steel dropped as much as 15% to $39.86, marking the biggest intraday loss in almost four years. The Biden administration's stance is seen as a strong show of support for the steel union and reflects the administration's efforts to protect US jobs and national security interests.
• Nippon Steel's Proposal: Nippon Steel Corp. has proposed to buy US Steel for $55 per share in cash. Nippon Steel shares opened slightly lower in Tokyo on Thursday, falling as much as 0.6%.
• Administration's Scrutiny: The exact nature of Biden's statement and its potential impact are not yet clear. The administration's warnings about the deal suggest a thorough review process, although it has not yet called for the deal to be blocked.
• Political Context: The Biden administration's stance on the deal is seen as politically significant, particularly in Pennsylvania, a crucial swing state. Former President Donald Trump had pledged to block the deal outright, and politics are likely to influence the administration's decision-making process.