Changes in US stocks | American Steel (X.US) plummeted 16% after the market, Trump says he doesn't want it to be bought by Nippon Steel

The Zhitong Finance App learned that US President Trump said he did not want American Steel (X.US) to be owned by a Japanese company. Since then, American Steel's stock price plummeted 16% during post-market trading. As of press time, the decline had narrowed to 11%. Speaking in the Oval Office, Trump pointed out that the steel producer's increasing steel orders prove that the company currently does not require any investment. He also said he didn't want US Steel to be bought “anywhere else”, obviously referring to other foreign buyers.

In recent days, investors have pushed US Steel's stock price to its highest level since March 2024, as they hoped Trump would reverse former President Joe Biden's decision to block Nippon Steel's acquisition of the US company. On Monday, Trump ordered another national security review of the proposed deal, and the US Foreign Investment Commission has 45 days to complete the deal.

However, Trump has repeatedly stated that he does not want Nippon Steel to hold a majority stake in the company. Trump said, “I mean if you go back 90 years and look at American Steel, it's incredible. It's been the number one company in the world for a long time. That's why we don't want to see it go to Japan, we love Japan, but American Steel is a very special company.”