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2w ago

Trump Reaffirms Opposition to Nippon Steel's Bid for U.S. Steel

The Trump administration orders a renewed national security review of the $14 billion merger while U.S. Steel shares drop 13% following the president's remarks.

Nippon Steel logo is displayed at the company's headquarters in Tokyo, Japan April 1, 2024. REUTERS/Issei Kato/File Photo
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Overview

  • President Donald Trump stated he does not want U.S. Steel to be acquired by Nippon Steel, emphasizing opposition to foreign control of the American company.
  • The Trump administration directed the Committee on Foreign Investment in the United States (CFIUS) to re-examine the $14 billion merger for potential national security risks.
  • Trump's comments on Wednesday contradicted earlier signals of a possible resolution and led to a 13% drop in U.S. Steel's share price in after-hours trading.
  • The merger, initially blocked by President Joe Biden in January 2025 on national security grounds, is currently the subject of a lawsuit filed by U.S. Steel and Nippon Steel against CFIUS.
  • Both companies and the administration have requested a pause in litigation until June 5 to allow CFIUS to complete its renewed review of the deal.