President Trump has instructed a key national security panel to re-evaluate Nippon Steel's acquisition bid for US Steel, reopening discussions on a deal previously blocked by President Biden due to national security concerns. The directive has led to a significant uptick in US Steel's stock, reflecting investor optimism about the potential approval of the merger. Nippon Steel welcomed the reassessment, asserting that it would demonstrate economic and national security benefits. The companies also allege wrongful bias in the earlier decision-making process, claiming political motives affected the previous administration's stance.
Nippon Steel expressed confidence that a thorough and impartial review of their proposed acquisition of US Steel will reveal benefits for American economic and national security.
Shares of US Steel surged 12% after President Trump called for a review of Nippon Steel's acquisition, indicating a potential shift in the administration's stance towards the merger.
The companies' lawsuit against CFIUS alleges an unfair process in which President Biden influenced the committee's decision for political gain in Pennsylvania.
The renewed review aims to determine if any further action regarding Nippon Steel's bid for US Steel is warranted, following Biden's previous block on national security grounds.
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