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Bond Market News
Trump Expresses Skepticism Over Nippon and US Steel Deal
April 11, 2025
US President Donald Trump expressed skepticism about US Steel’s proposed $14bn acquisition by Nippon Steel, questioning the need for the deal due to the benefits of his tariff policies. He emphasized his preference for US Steel to remain American-owned and voiced concerns over a foreign company taking full control of the historic US firm, although he said he’d be more comfortable with a minority investment by Nippon. Trump’s comments and earlier opposition from President Biden have cast doubt on the merger. Biden blocked the deal in January 2025 on national security grounds, prompting lawsuits from the companies, who claimed political interference. However, Trump has ordered a renewed review of the deal by the Committee on Foreign Investment in the US (CFIUS). Meanwhile, both companies and the administration have asked a court to pause the ongoing legal battle until June 5, allowing time for the review to potentially resolve the dispute.
US Steel’s dollar bonds were trading marginally lower with its 6.875% 2029s down at 99.1, yielding 7.1%.
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