A tug pushes a barge near the US Steel Corp. Clairton Coke Works Works in Clairton, Pennsylvania, September 9, 2024.
Justin Merriman | Bloomberg | Getty images
President Donald Trump ordered Monday that US Steel's acquisition by Nippon Steel in Japan was undergoing a new exam after the agreement was blocked by President Joe Biden.
Trump has led the United States foreign investment committee to examine the acquisition to help “determine whether new measures in this case may be appropriate,” said a presidential action Posted Monday by the White House.
American steel Actions increased by more than 16% in reaction to the decision, closing to $ 44.49 per share.
Trump gave the committee 45 days to submit a recommendation to find out if the measures suggested by US Steel and Nippon “are sufficient to mitigate national security risks”.
Biden blocked the $ 14.9 billion agreement in January, citing a potential threat to critical supply chains posed by one of the largest steel producers in the United States under foreign control.
Trump also opposed the agreement, but the president seemed to soften his position in February at a meeting with Japanese Prime Minister Shigeru Ishiba. Trump said at the time that Japanese would invested massively in American steel rather than buying the business.
Get your Pro Live ticket
Join us on the New York Stock Exchange!
Uncertain markets? Win an edge with CNBC Pro LiveAn exclusive and inaugural event on the historic New York Stock Exchange.
In today's dynamic financial landscape, access to expert information is essential. As an abnig by CNBC Pro, We invite you join us for our First exclusive event in person CNBC Pro Live at the iconic NYSE on Thursday, June 12.
Join interactive professional clinics led by our pros Carter Worth and Niles, And Dan Ives, with a special edition of Pro Talks with Tom Lee. You will also have the opportunity to network with CNBC experts, talents and other professional subscribers for an hour of exciting cocktail on the legendary soil. Tickets are limited!
