Biden Administration Reportedly Delays New Nippon Steel Acquisition Ban, US Steel Stock Price Hits Nearly One-Month High

On Monday, US Steel's stock price hit a nearly one-month high, rising over 6% to $36.55 as of the time of writing. In terms of news, the Biden administration previously blocked the acquisition of US Steel by Nippon Steel; however, according to US Steel's latest statement, the Committee on Foreign Investment in the United States has approved an extension of the deadline for the acquisition, bringing new hope for the deal. US Steel expressed its satisfaction that the US government will extend the deadline for both parties to permanently abandon the transaction to June 18, 2025. US Steel and Nippon Steel still look forward to completing the deal, which will ensure the future development of the US steel industry and all stakeholders. A spokesperson for Nippon Steel stated that June 18 of this year is also the expiration date of the current acquisition contract between Nippon Steel and US Steel. So far, the White House, the US Department of the Treasury, and the United Steelworkers Union, which opposes the acquisition, have not commented on the matter.$US Steel(X.US) $HZIS(600126.SH) $Baosteel(600019.SH) $Valin Steel(000932.SZ) $SINOSTEEL ENTEC(000928.SZ)