X Stock Alert: Why Joe Biden Is Sending U.S. Steel Plummeting Today

United States Steel (NYSE:X) stock plunged on Wednesday on reports that President Joe Biden plans to voice concerns over Japan-based Nippon Steel’s (OTCMKTS:NPSCY) proposed purchase of the steelmaker. Indeed, X stock closed in the red by almost 13% today, one of its largest single-day losses in years. It appears that the Biden Administration is attempting to appease the American steel union as it pursues better agreement terms from Nippon. Nippon has proposed to purchase U.S. Steel for $55 per share. Biden ...