Trump Reopens Review on Nippon Steel's U.S. Steel Bid

President Donald Trump directed a U.S. national security panel to review Nippon Steel's bid for U.S. Steel, potentially paving the way for a greenlight. This follows a previous block by Joe Biden, which led to a lawsuit. The directive boosted U.S. Steel's share price by 12%.

President Donald Trump has instructed a significant U.S. national security committee to reevaluate Nippon Steel's proposal to acquire U.S. Steel, raising prospects for a favorable decision on the merger. This move indicates a potential policy shift from the previous administration.

The directive has notably increased U.S. Steel's share price by 12%, suggesting investor optimism for approval despite the former block by President Joe Biden on national security grounds. Nippon Steel expressed satisfaction with the announcement, emphasizing faith in a fair review process.

Previously, the firms sued the Committee on Foreign Investment in the United States, arguing that the Biden administration's denial was politically motivated. As merger discussions continue, the Trump administration has extended deadlines related to the case.

(With inputs from agencies.)