U.S. President Donald Trump reaffirmed his opposition to the sale of U.S. Steel to Japan's Nippon Steel, reiterating his concerns over the deal during a recent press briefing.
Speaking to reporters on Wednesday, Trump described U.S. Steel as a "very special company" that had long been the world’s top steelmaker. He emphasized his belief that U.S. steel and other legacy industries could thrive again, thanks in part to his tariff policies.
"That's why we don't want to see it go to Japan," Trump said, while noting his positive regard for the Asian country. Trump's comments came two days after he ordered federal agencies to review the blocked $14.1 billion acquisition bid by Nippon Steel, which was initially blocked by former President Joe Biden in January due to national security concerns.
Biden's administration had rejected the deal, citing the potential security risks of allowing a foreign company to control a significant part of U.S. industry. In response, Nippon Steel and U.S. Steel filed a lawsuit challenging the decision.
While Trump stated that he did not oppose Nippon Steel acquiring a minority stake in U.S. Steel, he made it clear that foreign ownership of the entire company would be "psychologically not good." Trump has previously pointed to his use of tariffs during his first presidency as a key factor in reviving the U.S. steel industry, particularly in response to China's "massive" steel dumping.
Trump’s stance adds further complexity to the ongoing legal and political battle over the deal, reflecting continued debates over foreign ownership in critical U.S. industries.
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