US gives Nippon Steel bid a second look

WASHINGTON/TOKYO — US President Donald Trump on Monday directed a US national security panel to take a fresh look at Nippon Steel's bid for US Steel — to help determine if "further action" is appropriate, raising hopes that the deal could gain the elusive green light.

"I direct the Committee on Foreign Investment in the United States… to conduct a review of the acquisition of US Steel by (Nippon Steel) to assist me in determining whether further action in this matter may be appropriate," the memo reads.

Shares in US Steel shot up nearly 14 percent as investors felt it meant the administration was considering approving the merger, which former president Joe Biden blocked in January on national security grounds.