A tugboat pushes a barge near the U.S. Steel Corp. Clairton Coke Works facility in Clairton, Pennsylvania, on Sept. 9, 2024.
Justin Merriman | Bloomberg | Getty Images
President Donald Trump on Monday ordered the proposed acquisition of U.S. Steel by Japan’s Nippon Steel to undergo a new review after the deal was blocked by President Joe Biden.
Trump directed the Committee on Foreign Investment in the United States to review the acquisition again to assist “in determining whether further action in this matter may be appropriate,” according to a presidential action issued by the White House on Monday.
U.S. Steel stock spiked more than 16% in reaction to the decision, closing at $44.49 per share.
Trump gave the committee 45 days to submit a recommendation on whether measures suggested by U.S. Steel and Nippon “are sufficient to mitigate any national security risks.”
Biden blocked the $14.9 billion deal in January, citing a potential threat to critical supply chains posed by one of the largest steel producers in the U.S. coming under foreign control.
Trump has also opposed the deal, but the president appeared to soften his position in February during a meeting with Japanese Prime Minister Shigeru Ishiba. Trump said at the time that Nippon would invest heavily in U.S. Steel rather than purchase the company.
Get Your Ticket to Pro LIVE
Join us at the New York Stock Exchange!
Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange.
In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.
Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
