By Bob Tita
President Trump on Wednesday ratcheted up long-running tensions around the fate of U.S. Steel, reiterating that the steelmaker should remain an American company. U.S. Steel shares tumbled more than 11% in after-hours trading.
Pittsburgh-based U.S. Steel and Japanese steelmaking giant Nippon Steel have been striving to save their $14 billion deal after former President Joe Biden in January blocked it on national-security grounds.
Trump, who has also opposed the U.S. company's sale to a foreign owner, has encouraged the companies to think creatively. He has said he could support Nippon Steel taking a minority stake in U.S. Steel.
But Trump dimmed prospects for Nippon Steel completing a takeover in remarks Wednesday. "U.S. Steel is a very special company, we don't want it to go to Japan or any other place," he said.
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(END) Dow Jones Newswires
April 09, 2025 18:12 ET (22:12 GMT)
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