US Steel Outperforms on Bets Nippon Steel Deal Has Better Chance
- Shares have been beating competitors since Biden dropped out
- Biden and Trump both had voiced opposition to the sale
Shares in the Pittsburgh-based firm are up more than 6% in the past month,
Photographer: Justin Merriman/BloombergThis article is for subscribers only.
US Steel Corp. is beating peers in the stock market as investors speculate that political and labor opposition to its $14.1 billion takeover by Nippon Steel Corp. may be easing.
Shares in the Pittsburgh-based firm are up more than 6% in the past month, recovering more of the ground lost when President Joe Biden and Donald Trump voiced opposition to the deal. In the same span, competitors Cleveland Cliffs Inc., Nucor Corp. and Steel Dynamics Inc. have posted double-digit declines.