Trump orders new review of U.S. Steel acquisition by Japan's Nippon Steel

President Donald Trump on Monday ordered the proposed acquisition of U.S. Steel by Japan's Nippon Steel to undergo a new review after the deal was blocked by President Joe Biden.

Trump directed the Committee on Foreign Investment in the United States to review the acquisition again to assist "in determining whether further action in this matter may be appropriate," according to a presidential action issued by the White House on Monday.

U.S. Steel shares spiked 11% in reaction to the decision.

Trump gave the committee 45 days to submit a recommendation on whether measures suggested by U.S. Steel and Nippon "are sufficient to mitigate any national security risks."

Biden blocked the $14.9 billion deal in January, citing a potential threat to critical supply chains posed by one of the largest steel producers in the U.S. coming under foreign control.

Trump has also opposed the deal, but the president appeared to soften his position in February during a meeting with Japanese Prime Minister Shigeru Ishiba. Trump said at the time that Nippon would invest heavily in U.S. Steel rather than purchase the company.