Trump revives US Steel deal

President Donald Trump on Monday directed a US national security panel to take a fresh look at Nippon Steel's bid for US Steel to help determine if "further action" is appropriate, raising hopes that the deal could gain an elusive green light.

- ALEXANDRA ALPER SATOSHI SUGIYAMA

"I direct the Committee on Foreign Investment in the United States... to conduct a review of the acquisition of US Steel by [Nippon Steel] to assist me in determining whether further action in this matter may be appropriate," the memo reads.

Shares in US Steel shot up nearly 14%, as investors took it to mean the administration was considering approving the merger, which former President Joe Biden blocked in January on national security grounds.

Nippon Steel shares jumped almost 10% in Tokyo morning trade yesterday.