Why U.S. Steel Stock Fell This Week
A proposed $15 billion acquisition of U.S. Steel (NYSE: X) is reportedly set to be blocked by U.S. lawmakers. Investors reacted to the news by heading for the exits, sending U.S. Steel shares down about 20% for the week as of midday Thursday, according to data provided by S&P Global Market Intelligence.
U.S. Steel is the biggest remaining legacy of the nation's Industrial Revolution-era steel industry. The company was put in play last year when Cleveland-Cliffs made an unsolicited offer, culminating with U.S. Steel agreeing to be acquired by Nippon Steel of Japan for $55 per share in cash.
The proposed deal has been a lightning rod since it was announced, and it appears the White House is preparing to block it. The Washington Post reported this week that President Joe Biden is preparing to announce he will formally step in.
Source Fool.com
