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Nippon Steel shares rose up to 7.4% following Trump's endorsement.
U.S. Steel stock jumped 21% amid investor optimism.
The $14.9 billion deal positions the merged entity as the world's third-largest steelmaker.
Shares of Japan's Nippon Steel Corporation (TSE: 5401) surged up to 7.4% in early Tokyo trading on Monday, following U.S. President Donald Trump's endorsement of its $14.9 billion bid to acquire U.S. Steel. The stock later settled with a 5% gain, marking its highest level since April.
President Trump, who had previously opposed the deal citing national security concerns, announced his support on Truth Social, referring to the arrangement as a "planned partnership." He emphasized that U.S. Steel would remain under American control, with its headquarters staying in Pittsburgh. The partnership is projected to create at least 70,000 jobs and inject $14 billion into the U.S. economy over the next 14 months.
The endorsement led to a 21% surge in U.S. Steel's stock on Friday, as investors interpreted the announcement as a green light for the acquisition. However, the shares remained below Nippon Steel's $55 per share offer, reflecting some lingering uncertainties about the deal's structure and regulatory approval.
Analysts view the acquisition as a strategic move for Nippon Steel to expand globally amid declining domestic demand. The combined entity would become the world's third-largest steel producer by volume, following China's Baowu Steel and Luxembourg's ArcelorMittal.
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