Billionaire Dan Loeb, via his firm Third Point, just made a bold bet on United States Steel (X). In a letter to investors, Loeb revealed a meaningful stake in the company, signaling his confidence that the long-delayed $14 billion merger with Japan’s Nippon Steel (NPSCY) will eventually go through.
Former President Joe Biden initially blocked the deal, citing national security concerns. Once seen as dead, the deal now flickers with possibility after President Donald Trump ordered a fresh national security review. While Trump has voiced opposition to foreign control of U.S. Steel, he previously stated he “wouldn’t mind” Nippon taking a minority stake.
