ArcelorMittal shares surge as Trump backs Nippon Steel partnership

Investing.com -- ArcelorMittal SA (AS: MT) shares rose about 4% on Monday, following the announcement by U.S. President Donald Trump of a partnership that would allow Japan’s Nippon Steel Corp (TYO:5401) to take control of United States Steel Corporation (NYSE: X).

The surge in ArcelorMittal’s shares was also boosted by the belief that the deal could spur further consolidation in the sector. The trading volume for the day was 16% above the 20-day average for the same time.

In his announcement on Friday, Trump did not explicitly endorse the proposed $14.1 billion cash takeover of US Steel by Nippon Steel. He did, however, assert that the company would "remain in America."

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