Billionaire investor Daniel Loeb’s hedge fund, Third Point [1], has disclosed significant stakes in U.S. Steel and Kenvue, as revealed in its latest 13F filing. The firm owned 12.2 million shares of U.S. Steel at the end of the first quarter, signaling confidence in the company’s pending merger with Japan’s Nippon Steel despite ongoing regulatory hurdles.
U.S. Steel has been awaiting acquisition by Nippon Steel, Japan’s largest steel producer, since 2023. However, the deal has faced delays following U.S. government intervention, including a national security review ordered by the Trump administration in April. Loeb expressed optimism that the merger could still proceed, citing its industrial logic and potential benefits for America’s re-industrialization efforts.
Third Point also disclosed ownership of 8.9 million shares of Kenvue, the consumer healthcare company behind Band-Aids and Tylenol. While Loeb has not publicly commented on the firm’s position in Kenvue, other investors have been pushing for strategic alternatives, including divestments or a potential sale of the company.
Separately, Toms Capital Investment Management has also built positions in U.S. Steel and Kenvue, holding 4.9 million shares of U.S. Steel and 14.4 million shares of Kenvue. The firm has reportedly encouraged Kenvue to explore restructuring options, reflecting broader investor interest in unlocking value within the company.
Sources:
[1] Third Point details stakes in U.S. Steel, Kenvue in filing https://www.reuters.com/sustainability/sustainable-finance-reporting/third-point-details-stakes-us-steel-kenvue-filing-2025-05-16/