United States Steel Corp. shares tumbled as much as 12.5% in overnight trading after President Donald Trump said he does not want to see the steelmaker owned by a Japanese company.

Trump, speaking from the Oval Office, pointed to the producer’s rising steel orders as evidence that it doesn’t need any investment right now. He also said he doesn’t want US Steel bought by “any other place,” apparently referring to other foreign buyers.

Investors had in recent days boosted US Steel shares to the highest level since March 2024 on hopes that Trump would reverse former President Joseph Biden’s decision to block Nippon Steel Corp.’s bid to buy the US company. Trump on Monday ordered another national security review of the proposed deal, which the US Committee on Foreign Investment has 45 days to finalize.

Yet the president has repeatedly said he did not want Nippon Steel Corp. to hold a majority stake in the company.

“I mean, if you go back to US Steel from 90 years ago, it was incredible, it was the number one company in the world for a long time,” Trump said. “That’s why we don’t want to see it go to Japan, and we love Japan but US Steel is a very special company.”