United States Steel Corporation (NYSE:X) shares fell sharply after president Donald Trump reiterated his opposition to Nippon Steel’s proposed $14 billion takeover of the company.
The President stated Wednesday night that he doesn’t want it sold to “Japan or any other place.”
The remarks, reported by Bloomberg, contradict recent moves by his administration, which had ordered a fresh national security review of the deal earlier this week, raising hopes of a potential green light.
Trump highlighted recent increases in US Steel orders and called it a "very special company,” reinforcing his desire to keep the iconic firm under American ownership.
Following his comments, US Steel stock tumbled 13% in after-hours trading and was down around 7% Thursday afternoon. Despite the drop, shares are still up roughly 24% year-to-date.
The deal, announced in December 2023, has faced bipartisan opposition, with both Trump and former President Joe Biden previously vowing to block the acquisition.