10 Firms Buck Broader Market Optimism

4. United States Steel Corporation (NYSE:X)

News of outgoing president Joe Biden blocking Japanese firm Nippon Steel from acquiring US Steel Corporation sent the latter’s stock price tumbling by 6.53 percent on Friday to end at $30.47 apiece.

In a statement, Biden said: “As I have said many times, steel production – and the steelworkers who produce it – are the backbone of our nation. A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains.”

The move did not come as a surprise as Biden has long announced that he was against the deal. However, experts feared that the recent decision could have implications for future foreign investments in American firms.

Incoming president Donald Trump also signaled opposing the acquisition and that he would also block it once he takes office.