U.S. Steel ceases trading on the NYSE as Japan’s Nippon finalizes takeover

U.S.

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. The delisting will be effective on June 30, NYSE said.

Trump opposed Nippon’s bid to acquire U.S. Steel in the runup to the 2024 presidential election, but he changed his stance after he took office, ordering a new review of the deal in April. Former President Joe Biden had blocked Nippon’s acquisition in January, citing national security concerns.