US President Donald Trump on Sunday reaffirmed his opposition to foreign ownership of US Steel, reiterating remarks made last week that cast doubt over Japan’s Nippon Steel’s proposed $15 billion acquisition of the American steel giant.
“I don’t think a foreign company should control US Steel,” Trump told reporters aboard Air Force One as he returned to Washington from his Florida estate. His comments followed similar remarks made on Wednesday, when he said he did not want to see the company “go to Japan,” leading to a 7% drop in US Steel’s shares.
In response, both US Steel and Nippon Steel stated they were working closely with the Trump administration to secure a significant investment that could align with national interests.
Japanese Prime Minister Shigeru Ishiba addressed the issue during a parliamentary session in Tokyo on Monday, revealing that he and Trump had discussed the matter during their February meeting. Ishiba emphasised the need to distinguish between acquisition and investment within the framework of US law.
“There must surely be a point where US Steel remains an American company, and where Japanese interests can also be realised,” Ishiba said.
Nippon Steel’s planned acquisition, announced in December 2023, has faced significant resistance from the outset. Both Trump and then-President Joe Biden had voiced opposition to the deal during the 2024 election campaign, appealing to voters in Pennsylvania, the state where US Steel is headquartered.
In January 2025, President Biden formally blocked the transaction on national security grounds. However, the companies involved swiftly filed a lawsuit, arguing they had been denied a fair national security review, claiming Biden’s public opposition had prejudiced the process for political gain during his reelection campaign.
Faridah Abdulkadiri
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