US Stock Market Move | The Biden administration reportedly postpones the new ban on the acquisition of Nippon Steel, causing the stock price of United States Steel Corporation to reach a nearly one-month high.

On Monday, the stock price of United States Steel Corporation (X.US) hit a near one-month high, rising over 6% to $36.55 as of the time of writing. On the news front, the previous acquisition of United States Steel Corporation by Nippon Steel was halted by the Biden administration. However, according to the latest statement from United States Steel Corporation, the Committee on Foreign Investment in the United States responsible for the matter has approved an extension of the final deadline for the acquisition, bringing a turning point to the deal. United States Steel Corporation mentioned that they are pleased that the US government has extended the deadline for both parties to permanently abandon the deal until June 18, 2025. United States Steel Corporation and Nippon Steel are still looking forward to completing the transaction, which will ensure the future development of United States Steel Corporation's industry and all stakeholders. A spokesperson for Nippon Steel stated that June 18 of this year is also the expiration date of the current acquisition contract between Nippon Steel and United States Steel Corporation. As of now, the White House, the US Treasury Department, and the United Steelworkers union opposing the acquisition have not made any comments on the matter.