MW Is the Nippon Steel bid dead? Here's the latest as U.S. Steel's stock plunges again.

By Steve Gelsi

U.S. Steel's stock falls 11% premarket after Trump speaks out against the takeover bid from Japan's Nippon Steel

Nippon Steel's $15 billion bid to acquire U.S. Steel, launched in 2023, may finally be dead after President Donald Trump said he'd rather see the company remain under U.S.-based ownership.

The comments sent shares of U.S. Steel $(X)$ down 11% in premarket trading on Thursday.

"We don't want it to go to Japan or any other place, and we're working with them," Trump said on Wednesday.

Trump has said he would favor a minority stake by Japan's Nippon Steel instead of an outright purchase of U.S. Steel, which was once the world's largest producer of steel.

MarketWatch reached out to U.S. Steel and Nippon Steel for comment on Trump's latest remarks.

On Monday, U.S. Steel's stock rallied after the White House ordered the Committee on Foreign Investment in the U.S. (CIFIUS) to recommend whether further action would be needed on the deal. The panel studies foreign transactions by companies and whether they threaten U.S. interests.

The stock had moved up on speculation that the review could revive the deal.

Nippon Steel first aired its proposal to buy U.S. Steel in December 2023 - a deal that was valued at $55 a share - but the Biden administration moved to block the deal.

During his presidential campaign, Trump voiced opposition to the deal, which has been criticized by the United Steelworkers Union.

Bipartisan opposition around the deal erupted immediately after it was announced.

U.S. Steel's stock closed Wednesday at $45.14 a share. It had risen nearly 33% in 2025, while the S&P 500 SPX was down 7.2%.

-Steve Gelsi

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April 10, 2025 07:43 ET (11:43 GMT)

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