ArcelorMittal Stock (MT) Jumps on News Trump Supports U.S. Steel's Takeover
Shares of ArcelorMittal (MT) are up 4% on news that U.S. President Donald Trump supports the $14.90 billion takeover of U.S. Steel (X) by Japan's Nippon Steel Corp. (NISTF).
Confident Investing Starts Here:
The merger, if approved by regulators, would create the world's third-largest steel producer by volume after China's Baowu Steel Group and European-based ArcelorMittal. Analysts say MT stock is getting a boost as competition in the global steel sector will be reduced.
ArcelorMittal's stock is also getting a lift on expectations that the U.S. Steel acquisition could lead to further consolidation in the steel sector. Heading into the Memorial Day weekend in America, Trump said on social media that the 'planned partnership' between Nippon and U.S. Steel will create 70,000 jobs.
Supporting the Deal
In supporting the deal, Trump also said that the acquisition of U.S. Steel will add $14 billion U.S. to the American economy. The president later said over the weekend that America will have control over U.S. Steel as part of the takeover by Nippon.
Japan's government has also supported the acquisition of U.S. Steel by Nippon and praised President Trump for throwing his support behind the deal. The previous administration of U.S. President Joe Biden had opposed the takeover of U.S. Steel, saying it is not in America's economic interest.
MT stock has risen 32% this year.
Is MT Stock a Buy?
average MT price target of $31.95 implies 5.24% upside from current levels.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
20 minutes ago
- Yahoo
China's factory activity contracts in May, but there are signs of improvement
BEIJING (AP) — China's factory activity contracted in May, according to an official survey released on Saturday, although the decline slowed from April as the country reached a deal with the U.S. to slash President Donald Trump's sky-high tariffs. China's purchasing managers index rose from 49.0 in April to 49.5 in May, the National Bureau of Statistics said. PMI is measured on a scale from 0 to 100, where 50 marks the cutoff between expansion and contraction. Meanwhile, the manufacturing index showed growth in the sector, although the index measuring new orders remained under 50 despite some improvement. National Bureau of Statistics senior statistician Zhao Qinghe said some companies with U.S. business reported accelerated resumption of foreign trade orders, and there was an improvement in import and export conditions. The U.S.-China deal, reached earlier this month, cuts Trump's tariffs from 145% to 30% for 90 days, creating time for negotiators from both sides to reach a more substantive agreement. China also reduced its taxes on U.S. goods from 125% to 10%. But the remaining tariffs are still higher than they were before Trump took office, and businesses and investors face uncertainty about whether the truce will last. Trump said Friday that he will no longer be 'Mr. NICE GUY' with China on trade, declaring in a social media post that the country had broken an unspecified agreement with the United States. He later said in the Oval Office that he will speak with Chinese President Xi Jinping and 'hopefully we'll work that out,' while still insisting China had violated the agreement. Over the past week, tensions between Beijing and Washington also intensified after the U.S. said it would start revoking visas for Chinese students studying in the country. China has lodged a protest with the U.S. over the matter, calling the decision unreasonable.
Associated Press
22 minutes ago
- Associated Press
China's factory activity contracts in May, but there are signs of improvement
BEIJING (AP) — China's factory activity contracted in May, according to an official survey released on Saturday, although the decline slowed from April as the country reached a deal with the U.S. to slash President Donald Trump's sky-high tariffs. China's purchasing managers index rose from 49.0 in April to 49.5 in May, the National Bureau of Statistics said. PMI is measured on a scale from 0 to 100, where 50 marks the cutoff between expansion and contraction. Meanwhile, the manufacturing index showed growth in the sector, although the index measuring new orders remained under 50 despite some improvement. National Bureau of Statistics senior statistician Zhao Qinghe said some companies with U.S. business reported accelerated resumption of foreign trade orders, and there was an improvement in import and export conditions. The U.S.-China deal, reached earlier this month, cuts Trump's tariffs from 145% to 30% for 90 days, creating time for negotiators from both sides to reach a more substantive agreement. China also reduced its taxes on U.S. goods from 125% to 10%. But the remaining tariffs are still higher than they were before Trump took office, and businesses and investors face uncertainty about whether the truce will last. Trump said Friday that he will no longer be 'Mr. NICE GUY' with China on trade, declaring in a social media post that the country had broken an unspecified agreement with the United States. He later said in the Oval Office that he will speak with Chinese President Xi Jinping and 'hopefully we'll work that out,' while still insisting China had violated the agreement. Over the past week, tensions between Beijing and Washington also intensified after the U.S. said it would start revoking visas for Chinese students studying in the country. China has lodged a protest with the U.S. over the matter, calling the decision unreasonable.
Washington Post
29 minutes ago
- Washington Post
Musk explains his black eye, says he told son X to punch him
A White House news conference took a detour on Friday when billionaire Elon Musk, standing beside President Donald Trump to address reporters as he prepares to depart his formal role with the federal government, was asked about the striking purple-and-yellow discoloration around his right eye. Musk said he was 'horsing around' with his 5-year-old son X, who struck him in the face and caused a bruise.
