U.S. President Donald Trump reiterated his long-standing position that he does not want to see a Japanese-owned steel manufacturer whose shares have posted their biggest declines in two months.
New York shares in U.S. Steel sank more than 10% Thursday, the biggest intraday decline since early February, and then reduced losses. The stock fell 7% to $41.98 as of 11:12 a.m. — still below the $55-A share offer from Nippon Steel Corp. to buy the iconic U.S. steelmaker.
The decline shows that steel orders from U.S. producers are evidence that the company does not need any investment at this time after Trump commented in the Oval Office on Wednesday afternoon. Trump also said that he does not want the steel we buy “anywhere else”, obviously referring to other foreign buyers.
Investors have raised U.S. steel stocks to their highest levels since March 2024 in the past week, hoping Trump will reverse his predecessor’s decision to stop Japanese steel from buying U.S. companies. Trump ordered another national security review of the proposed agreement on Monday, and the Foreign Investment Commission was told to submit a report within 45 days.
“I mean, if you came back to US Steel from 90 years ago, it’s incredible, that’s the world’s number one company for a long time,” Trump said on Wednesday. “That’s why we don’t want to see it go to Japan, we love Japan, but our Steel is a very special company.”
It was the latest twist in a legend over a year and a half where the fate of American steel remained in decline. When U.S. investors and policymakers regard Japanese Steel’s $14.1 billion offer as home runs, instead of tripling, America’s closest allies in the post-war era will raise national security issues.
But Trump and former President Joe Biden are a generation who grew up knowing that American Steel is one of the most iconic American companies in the United States, which are the economic strength of the 20th century and have never shown that they are satisfied with Japanese Steel, which owns steel manufacturers. Despite Trump’s latest comments, the decision may ultimately depend on whether the CFIUS team has discovered national security issues again.
This article was generated from the Automation News Agency feed without the text being modified.
