U.S. Steel (X, Financial) shares surged over 9%, currently trading at $36.55. The stock's jump follows a significant development regarding its acquisition by Japan's Nippon Steel. Initially, the transaction was blocked by the Biden administration. However, a recent statement from U.S. Steel revealed that the Committee on Foreign Investment in the United States (CFIUS) has approved an extension for the deal's deadline.
This extension is a positive turn for the acquisition process, as it allows both parties more time to finalize the agreement. The deadline has been extended to June 18, 2025. U.S. Steel expressed satisfaction with the U.S. government's decision to extend the deadline, emphasizing their ongoing commitment to completing the transaction with Nippon Steel. This deal is seen as crucial for the future growth and development of U.S. Steel and its stakeholders.
