Third Point Takes ‘Meaningful’ US Steel Stake in Bet on Deal

The United States Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania.
Photographer: Justin Merriman/Bloomberg

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By Yiqin Shen and Yvonne Yue Li

May 1, 2025 at 2:23 PM UTC

Updated on

May 1, 2025 at 5:44 PM UTC

New York hedge fund Third Point LLC has taken a “meaningful” stake in United States Steel Corp. and expects a $14.1 billion takeover offer by Nippon Steel Corp. to go ahead, according to an investor letter.

The firm’s billionaire founder Daniel Loeb told investors in a letter that the firm believes the iconic American company will complete its merger with the Japanese steelmaker, despite the transaction being blocked by former US President Joe Biden in January.