By Brian Swint
United States Steel, the materials producer whose takeover by Japanese rival Nippon Steel was blocked by former President Joe Biden, was surging early Friday after a report suggested the $14 billion deal could still be saved.
The two companies are in talks with President Donald Trump, with Nippon offering to more than double investment in U.S. facilities to $7 billion from $2.7 billion, according to a report in news website Semafor late Thursday.
Unions have opposed the deal--first proposed back in 2023--and Trump himself has stated in the past that he doesn't want it to go through. Trump has also raised tariffs on steel and aluminum imports since taking office, which has pushed up steel prices.
U.S. Steel, which trades under the ticker X, was up 6.7% in premarket trading at $45.87. Nippon Steel closed 2.1% lower in Japan.
Other steel stocks were mixed after rising earlier in the week. Nucor fell 0.9% before the market opened. Cleveland-Cliffs slipped 0.4%, and Steel Dynamics added 0.2%.
Write to Brian Swint at brian.swint@barrons.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
March 28, 2025 06:02 ET (10:02 GMT)
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