[ad_1]
Rolls of steel are seen before the US president speaks during a rally at US Steel – Irvin Works in the Pittsburgh suburb of West Mifflin, Pennsylvania, on May 30, 2025.
Saul Loeb | AFP | Getty Images
U.S. Steel shares stopped trading on the New York Stock Exchange on Wednesday after Japan’s Nippon Steel completed its acquisition of the iconic American industrial name.
President Donald Trump has insisted for weeks that the companies would form a “partnership” in which U.S. Steel would remain American owned.
But the New York Stock Exchange notified the Securities and Exchange Commission on Wednesday that U.S. Steel’s shares would be removed from listing, after the company became a wholly owned subsidiary of Nippon Steel North America.
U.S. Steel shares stopped trading at 8:30 a.m. ET on Wednesday after Nippon completed its acquisition, according to a notice from the NYSE.
Trump opposed Nippon’s bid to acquire U.S. Steel in the runup to the 2024 presidential, but he changed his mind after he took office. Trump ordered a new review of the deal in April after former President Joe Biden had blocked Nippon’s acquisition in January, citing national security concerns.
This is breaking news. Please refresh for updates.
[ad_2]
Source link
