The markets are swooning in response to President Trump's global tariff rollout plan. The Dow Jones Industrial Average (^DJI 0.14%), S&P 500 (^GSPC +0.58%), Nasdaq Composite (^IXIC +1.20%), and Russell 2000 each hit 52-week lows today.
Another move by Trump has shares of U.S. Steel (X +0.00%) soaring today, though. U.S. Steel shares were trading near the day's high, up 14.5% as of 2:58 p.m. ET. That's because Donald Trump ordered a new review of the potential acquisition of U.S. Steel by Japan's Nippon Steel. The $55-per-share offer would represent a 44% gain from Friday's closing price.
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President Trump opens the door for the U.S. Steel buyout offer
Both former President Biden and President Trump have previously expressed their opposition to Nippon Steel buying the iconic U.S. steelmaker. In a directive released by the White House today, though, Trump stated:
I direct the Committee on Foreign Investment in the United States (CFIUS) to conduct a review of the acquisition of U.S. Steel...to assist me in determining whether further action in this matter may be appropriate.
After meeting with the Japanese Prime Minister in February, Trump softened his opposition to the deal, saying that Nippon would potentially make a major investment in U.S. Steel rather than to outright buy the company.
At the same time, private investment management company Ancora seems to be warming up to the deal. The activist investor had previously opposed the deal, but now says a new slate of directors it supports would approve the $14.9 billion bid.
U.S. Steel rises on the news
The new twists have pushed shares of U.S. Steel well into the green today, even as the tariff-driven market sell-off continues.
