Business

Trump opposes foreign control of US Steel amid Nippon Steel's $14 billion bid

Donald Trump does not want a foreign company to control US Steel. He repeated his concerns about Nippon Steel's bid to acquire the American firm. Trump had earlier stated his preference against US Steel going to Japan. This statement caused a drop in the company's shares. Both companies are now collaborating with the Trump administration.

President Donald Trump reiterated his opposition to a foreign takeover of US Steel on Sunday, April 13th, while aboard Air Force One returning from Florida, Reuters stated. This statement reinforces his earlier remarks that cast doubt on the proposed $14 billion acquisition of the American steelmaker by Japan's Nippon Steel.Last Wednesday, Trump’s comment that he didn't want to see US Steel “go to Japan” caused a 7% drop in the company's stock value.

Following this, both companies stated they were collaborating with the administration “to secure a significant investment.”Speaking to reporters on Sunday, Trump affirmed his stance. I don't think a foreign company should control U.

S. Steel, he stated..