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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.
The U.S. government may hold some of U.S. Steel's shares as part of a deal to allow Japan's Nippon Steel to acquire the American steelmaker, Kyodo reported on Tuesday.
United States Steel Corp (NYSE: X) has rallied more than 20% in recent sessions on the back of Trump's approval for its long overdue deal with the Tokyo based Nippon Steel (TYO: 5401).
US President Donald Trump on Friday backed Nippon Steel's $14.9 billion acquisition of United States Steel Corporation (NYSE:X), reversing his earlier opposition to the deal after the Japanese company pledged to make massive new investments in American operations. “This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs and add $14 billion to the US economy,” Trump wrote in a post on Truth Social.