Biden to Raise Concern Over Nippon Steel's Deal for U.S. Steel

This is a portion of U.S. Steel's Edgar Thomson plant in Braddock, Pa., on Monday, Dec. 18, 2023. U.S. Steel, the Pittsburgh steel producer that played a key role in the nation's industrialization, is being acquired by Nippon Steel.

U.S. President Joe Biden plans to express concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, a person familiar with the matter said on Wednesday, pushing the U.S. company's stock nearly 13% lower on bets the deal could face greater political opposition.