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."