President Donald Trump has said he does not want the US Steel Corp to go to Japan, suggesting he's not in support of Nippon Steel's $14 billion bid for the American steel producer.
Trump’s comment seemed to contradict recent actions by his administration.
The president on Monday ordered a national security panel to take a fresh look at Nippon Steel's all-cash bid for US Steel to help determine if further action was appropriate, raising hopes that the deal could gain an elusive green light.
DAILY POST reports that shares of US Steel fell 12% in premarket trading to $39.77 on Thursday. They remained well below Nippon Steel's $55 a share offer price.
“We don't want to see it go to Japan. We love Japan. We don't want it to go to Japan or any other place, and we're working with them,” Trump said.
At the time of filing this report, US Steel and Nippon Steel have not commented on the development.
The president’s comment suggests that the future of the deal remains uncertain given sudden changes in thinking at the White House.
