Trump orders a new review of the American steel acquisition by Nippon Steel

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 ordered the Foreign Investment Committee in the United States to re-examine the acquisition again to help “determine whether new measures in this case can be appropriate”, according to a presidential action issued by the White House on Monday.

US Steel shares increased by 11% in reaction to the decision.

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.

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