Why United States Steel Stock Crushed the Market Today

A dramatic improvement in the prospects for United States Steel (NYSE: X) being sold to a foreign buyer led to a rally in the stock on the last trading day of the year. The storied industrial stock closed Tuesday nearly 10% higher in price on the back of the news. This was its most significant one-day gain in 2024, and was a sharp contrast to the 0.4% drop of the S&P 500 index.The news item that got the market so excited was published in The Washington Post. Citing a document sent to the White House on Monday, the newspaper wrote that Nippon Steel (OTC: NPSC.Y) has sent President Joe Biden a new proposal in its bid to acquire U.S. Steel. With some limits, Nippon Steel is proposing that if its bid is approved, it would grant the federal government a veto over any reduction in the company's production capacity. Previously, Nippon Steel had proposed that only independent members of U.S. Steel's board of directors would have such power. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool