A roll of steel can be seen at a rally in the U.S. Steel, before the U.S. President speaks at a rally in the Pittsburgh suburb of West Mifflin, Pennsylvania.
Saul Loeb | AFP | Getty Images
US Steel stopped trading on the New York Stock Exchange on Wednesday after Japan’s Nippon Steel completed its acquisition of the U.S. industrial name.
President Donald Trump insists that the two companies will form a “partnership” in which U.S. Steel will continue to be owned by the United States.
But the New York Stock Exchange informed U.S. Steel’s shares on Wednesday would remove them from the listing after the company became a wholly owned subsidiary of Nippon Steel North America.
U.S. stocks stopped trading at 8:30 a.m. Wednesday after Japan completed its acquisition, according to a notice from the New York Stock Exchange.
Trump opposes Japan’s bid for US Steel in the 2024 presidential race, but he changed his mind after taking office. Trump ordered a new scrutiny of the deal in April after former President Joe Biden blocked Japan’s acquisition in January, citing national security issues.
Trump announced a “partnership” between us and Japan in an article on social media platform Truth Social on May 23, which caused confusion among investors and union members about whether the structure of the original deal had changed.
US Steel and Japan began to adopt the president’s “partner” language, although they have never backed off from the terms of the merger agreement in December 2023 with the SEC’s submission.
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