Nippon Steel shares drop 5% after announcing $14.9 billion US Steel acquisition

Nippon Steel shares sank nearly 5% early on Tuesday after it clinched a deal to buy U.S. Steel for $14.9 billion in cash. The acquisition of U.S. Steel, which prevailed in an auction for the steel giant over rivals including Cleveland-Cliffs, will help Nippon Steel move toward 100 million metric tons of global crude steel capacity.