Trump Blocks Steel Bid: National Interest at Forefront

President Trump opposes a foreign takeover of U.S. Steel, specifically a $14 billion bid by Japan's Nippon Steel. His comments, reiterating earlier sentiments, caused a 7% drop in U.S. Steel shares. Plans for significant investment continue as both companies engage with the administration.

President Donald Trump has reiterated his stance against a foreign company controlling U.S. Steel, casting doubt on a $14 billion acquisition bid by Japan's Nippon Steel. Trump's comments follow similar statements made earlier, which notably led to a 7% decline in U.S. Steel's share prices.

Speaking aboard Air Force One, Trump emphasized his desire to prevent U.S. Steel from falling under Japanese ownership, stating, "I don't want to see U.S. Steel go to Japan." This has sparked uncertainty around the proposed deal.

Despite the tensions, both U.S. Steel and Nippon Steel are working closely with the Trump administration to ensure a significant investment in line with national interests. Efforts are ongoing to gain approval for the transaction, balancing corporate ambitions with governmental priorities.

(With inputs from agencies.)