Trump orders new review of U.S. Steel acquisition by Japan's Nippon Steel
The icnonic steelmaker's pending purchase was earlier blocked by former President Joe Biden.
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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 planned acquisition of U.S. Steel to undergo a new review after the company's pending purchase by Japan's Nippon Steel was earlier blocked by President Joe Biden.
Trump directed the Committee on Foreign Investment in the United States to review the proposed deal 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 shares spiked nearly 12% in reaction to the decision.
Trump gave the committee 45 days to submit a recommendation on whether measures proposed by U.S. Steel and Nippon "are sufficient to mitigate any national security risks."
This is a developing story. Please check back for updates.
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