Trump orders new review for U.S. Steel acquisition

The Trump administration has initiated a new national security review of Nippon Steel Corp’s bid to acquire U.S. Steel, potentially reviving the $14.9bn deal previously blocked by President Joe Biden. The Committee on Foreign Investment in the United States (CFIUS) had deadlocked over national security concerns, prompting lawsuits from U.S. Steel and Nippon Steel, which claimed the block was politically motivated. U.S. Steel expressed gratitude towards President Trump, saying “his action today validates our Board’s bold decision to challenge President Biden’s unlawful order.” The new CFIUS review will involve a fresh group of members from the Trump administration. Nippon Steel has reportedly increased its investment offer to $7bn. U.S. Steel’s stock rose by 16% following the announcement.