President-elect Donald Trump has pledged to block US Steel’s sale to Japan’s Nippon Steel.
Having vowed to block the deal during his campaign, Trump shared views on the sale on Monday for the first time since being elected through a Truth Social post.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump said on his social media platform.
He added: “As President, I will block this deal from happening. Buyer Beware!!!”
Nippon is the world’s fourth-largest steelmaker and agreed to buy the US company for $14.9 billion last December.
Union United Steelworkers was among those to oppose the deal, while current president Joe Biden also vowed to not let the company fall out of American ownership.
Nippon vice chair Takahiro Mori last month expressed confidence that the deal could be completed before Trump took office.
US Steel boss David Burritt has previously defended the sale and argued it would provide economic and job security, alongside strengthening American national security.
Shares in US Steel were down 8.2% to $37.59 on Tuesday afternoon following Trump’s remarks.