U.S. Steel has ceased trading on the New York Stock Exchange following its acquisition by Japan's Nippon Steel, despite President Donald Trump's claims of a 'partnership' between the companies.

President Trump had been adamant that U.S. Steel would remain American-owned, but the NYSE confirmed the delisting after Nippon Steel North America acquired the iconic American industrial name.

The delisting of U.S. Steel shares took effect on Wednesday morning after Nippon's acquisition was completed, with the official delisting date set for June 30.

Formerly opposed to Nippon's bid, President Trump ordered a review of the deal after taking office, despite former President Joe Biden's initial block of the acquisition due to national security concerns.

Confusion arose among investors and union members when Trump announced a 'partnership' between U.S. Steel and Nippon, although the companies continued to adhere to the terms of the original merger agreement in their SEC filings.

U.S. Steel will maintain its operations under its current name despite the change in ownership.