TOKYO: Nippon Steel shares rallied at the start of Monday trade in Tokyo after US President Donald Trump expressed support for the company’s US$14.9 billion bid for US Steel.
Shares of Nippon, the world’s fourth-largest steelmaker, gained 5% to 3,025 yen early morning in Tokyo after being untraded with a glut of buy orders earlier in the day. Nippon shares were the biggest percentage gainer on Tokyo’s benchmark Nikkei 225 index.
On Friday, shares of US Steel soared 21% as investors interpreted Trump’s post on Truth Social to mean Nippon Steel had received his approval for its long-planned takeover, the last major hurdle for the deal.