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United States Steel (NYSE:X) has experienced a stock increase of over 50% so far this year, in contrast to the 1% decline in the S&P 500 Index. The rise in U.S. Steel's stock price is significantly more pronounced compared to its competitors, including VALE (NYSE: VALE), which has increased by 8% year to date, Cleveland-Cliffs (NYSE:CLF), which has decreased by 32% over the same timeframe, ArcelorMittal (NYSE:MT), which is up 33% year to date, and Nucor Corp (NYSE: NUE), which has decreased by 5% during the same period.
Nippon Steel investors and analysts are asking if its $15-billion deal to buy U.S. Steel , backed but not yet approved by President Donald Trump, is positive for the near term, even if its hopes for strong U.S. demand materialise.
President Donald Trump said on Wednesday that any deal that saves social media platform TikTok from being banned in the U.S will look different than the expected deal between Japan's Nippon Steel and U.S. Steel.
Nippon Steel's $14.9B bid for U.S. Steel includes a "golden share" for U.S. control, promising 70,000 jobs and a $14B boost to the economy.
US Steel (X) stock is in focus amid renewed optimism that the American steelmaker will be acquired by Japan's Nippon Steel (NPSCY, 5401.T) after comments from President Trump. Axios business editor Dan Primack joins Market Domination with Josh Lipton and Barron's associate editor Al Root to take a closer look at the steel deal.
A deal between Nippon Steel and United States Steel Corporation (NYSE:X) is likely to move forward following comments from US President Donald Trump suggesting support for a “planned partnership” between the two companies, though analysts caution the details remain unclear. Trump said the arrangement would create “at least 70,000 jobs” and add $14 billion to the US economy, noting that US Steel would remain headquartered in Pittsburgh.
“It'll be a US CEO, a US majority board," said Republican Sen. David McCormick.
President Donald Trump cleared Nippon's bid for U.S. Steel on Friday, referring to the deal as a "partnership."
Sen. Dave McCormick (R-Penn.) joins 'Squawk Box' to discuss the deal between U.S. Steel and Japan's Nippon Steel, structure of the deal, economic impact, fate of the Republican tax bill, and more.
It took one sentence from President Donald Trump to jolt United States Steel Corp X out of a 20-year barrier.