US Steel shares plummeted after President Trump expressed opposition to the company’s sale to Japan’s Nippon Steel. This stance seemingly contradicts recent actions by the Trump administration, which had directed a national security panel to reassess the $14 billion deal. Following Trump’s comments, US Steel shares fell 13% in after-hours trading. Trump emphasized that while the US loves Japan, it does not want US Steel to be sold to any foreign entity. Outgoing President Joe Biden had previously blocked the merger on national security grounds. The companies involved have challenged the decision in court, alleging bias and lack of fair review. The deal, announced in December 2023, faced bipartisan opposition ahead of the presidential election. Both candidates, Trump and Biden, vowed to block the acquisition. Legal proceedings continue as the Trump administration seeks to extend deadlines for merger discussions. — new from New York Post
