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Bond Market News
Nippon-US Steel Deal Hopes Back after Trump’s Directive
April 8, 2025
US President Donald Trump directed the Committee on Foreign Investment in the United States (CFIUS), to review Nippon Steel’s bid to acquire US Steel, raising hopes for the deal’s approval. Following the announcement, US Steel’s shares surged ~14%, and Nippon Steel’s shares rose ~10%. Nippon Steel expressed confidence that an objective review would demonstrate that the deal strengthens US economic and national security. US Steel also welcomed the review, emphasizing the significance of the investment. After Biden’s rejection, both companies sued CFIUS, claiming the decision was biased to win support from the United Steelworkers union in Pennsylvania. The Trump administration filed to extend deadlines in the lawsuit, seeking more time for merger talks. On Monday, the administration and the companies requested an appeals court to pause litigation until June 5, allowing CFIUS to complete its review, which could resolve the companies’ legal claims.
US Steel’s dollar bonds were trading stable with its 6.875% 2029s at 99.5, yielding 7%.
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