Trump orders new review of U.S. Steel acquisition by Japan’s Nippon Steel

Trump orders new review of U.S. Steel acquisition by Japan’s Nippon Steel


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!

Don’t miss these insights from CNBC PRO



Source

CNBC Daily Open: Definite tariffs could be better for markets than on-and-off ones
World

CNBC Daily Open: Definite tariffs could be better for markets than on-and-off ones

Cranes at the Port of Los Angeles are empty of cargo ships, in San Pedro California, U.S., May 13, 2025. Mike Blake | Reuters A U.S. federal trade court striking down President Donald Trump’s “reciprocal” tariffs on a broad swathe of countries seems, on the surface, a positive development all around. A lack of tariffs […]

Read More
Stock futures slip as investors await more trade news and fresh inflation data: Live updates
World

Stock futures slip as investors await more trade news and fresh inflation data: Live updates

Traders work on the floor at the New York Stock Exchange on March 26, 2025. Brendan McDermid | Reuters Stock futures inched lower on Thursday night as investors continue to navigate a volatile global trade landscape. Futures tied to the Dow Jones Industrial Average pulled back 63 points, or 0.1%. S&P 500 futures fell 0.2%, […]

Read More
Asia-Pacific markets set to open lower as weakness in the U.S. dents investor sentiment
World

Asia-Pacific markets set to open lower as weakness in the U.S. dents investor sentiment

A HDR evening shot taken at sunset of the Tokyo skyline. Fgm | E+ | Getty Images Asia-Pacific markets were set to decline Friday, with a slowing U.S. economy, inflation fears and uncertainties from the judicial developments surrounding U.S. President Donald Trump’s “reciprocal” tariffs weighing on investor sentiment. The U.S. Court of International Trade ruled […]

Read More