(Reuters) - President Donald Trump on Monday directed the Committee on Foreign Investment in the United States to review the acquisition of U.S. Steel by the buyers "to assist me in determining whether further action in this matter may be appropriate."

The news gave hope to investors that the Trump administration was considering greenlighting Nippon Steel's bid for U.S. Steel after former President Joe Biden blocked it in January on national security grounds. Shares of US Steel rose nearly 7% after the statement was released. US Steel and Nippon Steel did not immediately respond to requests for comment.

Last month, the Trump administration filed a motionto extend two deadlines in U.S. Steel, and Nippon Steel's lawsuit against a U.S. national security panel to give the government more time to wrap up merger talks with the firms.