US Steel Gains 5% on News of Nippon Steel Acquisition By Investing.com


© Reuters. US Steel ( X ) rose 5% on news that it will be bought by Nippon Steel

United States Steel Corporation (NYSE: ), commonly known as US Steel, is reportedly acquiring Nippon Steel.

According to Nikkei, the business is worth more than ¥1 trillion. US Steel’s market capitalization at Friday’s close was $8.77 billion, or ¥1.25 trillion.

The Japanese steelmaker is reportedly expected to turn its US rival into a wholly-owned unit.

US Steel added 5.2%, according to the report. Shares are up 57% year-to-date on M&A rumors.