U.S. President Donald Trump reiterated his opposition to a foreign company taking control of U.S. Steel, expressing concerns over Japan’s Nippon Steel’s $15 billion bid to acquire the American steel giant. Speaking to reporters aboard Air Force One on Sunday, Trump stated that he doesn’t believe U.S. Steel should be under foreign ownership, a sentiment he first shared last week. His comments come after a sharp decline in U.S. Steel’s shares, which dropped 7% following similar remarks he made earlier in the week.
On Wednesday, Trump had voiced his concerns about the potential sale, stating that he did not want U.S. Steel “to go to Japan.” In response, both U.S. Steel and Nippon Steel said they were working closely with the Trump administration to secure a “significant investment” from the Japanese company.
The deal, initially announced in December 2023, has encountered significant hurdles, partly due to opposition from key political figures, including both Trump and former President Joe Biden. During a parliamentary session on Monday, Japanese Prime Minister Shigeru Ishiba discussed the complexities of the deal, noting that while the acquisition needed careful consideration under U.S. law, there was a clear need to maintain U.S. Steel as an American company while allowing Japanese interests to be involved.
Ishiba’s comments underscored the delicate balance between foreign investment and national interest, particularly in light of the national security concerns raised by the deal.
The proposed acquisition by Nippon Steel has faced considerable pushback since its announcement. Both Trump and Biden expressed similar views last year, insisting that U.S. Steel should remain American-owned, especially to secure the support of voters in Pennsylvania, where the company is headquartered, during the contentious election cycle.
In January 2025, President Biden blocked the transaction on national security grounds, citing concerns over foreign control of the company. However, Nippon Steel and U.S. Steel swiftly challenged the decision in court, alleging that they were denied a fair national security review, as Biden’s public opposition to the deal was seen as an attempt to influence the election outcome.
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