STORY: Donald Trump said Wednesday he does not want to see U.S. Steel falling into Japanese hands.
Though he didn’t quite say as much, the U.S. president appeared to oppose Nippon Steel’s $14 billion bid for its American rival:
“And we love Japan. But you know U.S. Steel is a very special company. We don’t want it to go to Japan or any other place.”
Earlier in the week, Trump had ordered a national security panel to take a fresh look at the deal.
He asked the group to determine whether “fresh action” was needed, raising hopes in some observers that the move could actually get a green light.
However, his latest comments sent U.S. Steel shares tumbling in after-hours trade.
The stock dropped as much as 14% before recovering some ground.
Nippon Steel shares gained strongly on Thursday though, rising along with other exporters after Trump postponed most of his new trade tariffs.
Neither company responded to requests for comment on the latest news.
And White House officials wouldn’t elaborate on Trump’s comments.
First announced in December 2023, the takeover plan almost immediately ran into opposition.
Previous President Joe Biden eventually blocked it on national security grounds.
Trump also opposed it while running for the White House.
But since taking office he has sent mixed messages on whether his administration will ultimately block the deal.
AloJapan.com