X down: U.S. Steel stock falls 7% after President Joe Biden blocks takeover by Japanese giant Nippon Steel

The acquisition was controversial as some argued foreign ownership over one of America’s largest steel producers posed a threat to national security.

U.S. Steel (NYSE: X) stock was down more than 5% in midday trading Friday, after President Joe Biden blocked a nearly $15 billion takeover bid by Japan’s Nippon Steel (NISTF), arguing foreign ownership over one of America’s largest steel producers posed a threat to national security.