Why U.S. Steel Stock Soared Today
U.S. Steel (NYSE: X) has been in the news for months since Japan's Nippon Steel made a generous offer for the iconic American steelmaker. Nippon's $14.9 billion bid in late 2023 represented a nearly 40% premium to U.S. Steel's share price at the time.
But politicians on both sides of the aisle have joined the United Steelworkers (USW) union in voicing opposition to foreign ownership of the Pittsburgh-based company. Most recently, President Biden blocked Nippon's $55-per-share cash bid on national security concerns.
Today, reports surfaced that fellow U.S. steelmakers and Cleveland-Cliffs are possibly planning a joint bid for U.S. Steel. That led shares of U.S. Steel to soar 9.4% by 12:30 p.m. ET.
Source Fool.com
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