WASHINGTON :U.S. President Donald Trump said on Wednesday that he does not want U.S. Steel Corp to go to Japan, suggesting he no longer supports Nippon Steel’s bid for the American steel producer.
The comment appeared to contradict recent actions by the Trump administration. On Monday Trump directed a national security panel to take a fresh look at Nippon Steel’s $14 billion bid for U.S. Steel to help determine if “further action” is appropriate, raising hopes the deal could gain an elusive green light.
Shares of U.S. Steel fell 13 per cent after the comment in trading after the market closed.
“We don’t want to see it go to Japan. We love Japan, but we, you know, U.S. Steel is very special company. We don’t want it to go to Japan or any other place, and we’re working with them,” Trump said.
U.S. Steel and Nippon Steel did not immediately respond to requests for comment.
