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Shares of U.S. Steel surged more than 14% Monday after the White House ordered the company’s blocked acquisition by Nippon Steel to be reviewed.
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President Donald Trump told the Committee on Foreign Investment in the U.S. to review the deal over the next 45 days to determine whether national security concerns have been resolved.
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Former President Joe Biden blocked the $14.1 billion deal in January, citing national security concerns.
Shares of U.S. Steel (X) jumped on Monday after President Donald Trump said the company’s proposed acquisition by Japan’s Nippon Steel should be reviewed.
Trump said in a presidential action that he is ordering the Committee on Foreign Investment in the United States (CFIUS) to “conduct a review of the acquisition of U.S. Steel by the Purchasers to assist me in determining whether further action in this matter may be appropriate.”
Former President Joe Biden blocked the $14.1 billion deal in the final days of his presidency, citing national security concerns. Trump noted that in the order blocking the deal, Biden “reserved the right” to issue further orders on the sale. The companies later sued the U.S. government to challenge the blockage.
Within the next 45 days, Trump has asked CFIUS to “submit a recommendation to me describing whether any measures proposed by the parties are sufficient to mitigate any national security risks” posed by the deal, as identified by the committee.
Shares of U.S. Steel were up more than 14% in recent trading Monday afternoon.
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