Nippon Steel's Surge: Trump's Support Spurs Shares Skyward

Nippon Steel's shares roared ahead at the start of trading in Tokyo on Monday. This surge came on the heels of a supportive comment from U.S. President Donald Trump regarding the company's $14.9 billion acquisition bid for U.S. Steel.

Shares of Nippon, ranked as the fourth-largest steelmaker globally, spiked by 5% to reach 3,025 yen during early trading in Tokyo. The move followed a temporary halt due to an overflow of buy orders, positioning Nippon as the top percentage gainer on the Nikkei 225 index.

Last Friday, U.S. Steel's shares skyrocketed by 21%, fueled by investor optimism over Trump's endorsement shared via Truth Social. This statement seemed to clear a significant obstacle for Nippon Steel's long-planned takeover.

(With inputs from agencies.)