Al Root
The odds that a highly contentious merger between United States Steel and Japan's Nippon Steel will happen ticked up on Friday. U.S. Steel stock jumped as a result.
CNBC reported Friday that President Donald Trump was considering letting the deal go through.
Nippon declined to comment. U.S. Steel didn't immediately return a request for comment.
For months, politicians on both sides of the aisle -- including Trump -- have said U.S. ownership of U.S. Steel was an issue of national security. The deal faced such opposition despite Nippon's plans to invest billions of dollars and the fact that Americans would continue to operate the U.S.-based mills.
President Joe Biden moved to block the deal in January, before Trump's inauguration.
U.S. Steel stock jumped about $5 in midday trading Friday after reports surfaced. Shares were up 2.5% in midday trading at $40.20 a share, while the S&P 500 and Dow Jones Industrial Average were down about 0.7%.
Nippon's all-cash offer values U.S. Steel at $55 a share.
This is breaking news. Check back for updates soon.
Write to Al Root at allen.root@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
February 07, 2025 13:42 ET (18:42 GMT)
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