May 6 (Reuters) - The European Commission on Monday approved U.S. Steel's $14.9 billion buyout by Japan's Nippon Steel.

"The Commission concluded that the notified transaction would not raise competition concerns, given the companies' limited market positions resulting from the proposed transaction," the commission said in a statement.

U.S. Steel shares rose about 2% before the bell. (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Arun Koyyur)