President reiterates he doesn’t want U.S. Steel sold

Former President Donald Trump has repeatedly expressed opposition to the proposed $14.9 billion acquisition of U.S. Steel by Japan’s Nippon Steel, stating he does not want the iconic American company under foreign ownership. Despite the Biden administration initiating a new review of the deal through the Committee on Foreign Investment in the United States (CFIUS), Trump has made it clear three times in recent days that he believes U.S. Steel should remain American-owned. He emphasized the symbolic and historical significance of the company, calling it a “special company” that should not be sold abroad, though he suggested he would be open to foreign investment that stops short of a full takeover.

In remarks made during a cabinet meeting and aboard Air Force One, Trump praised Nippon Steel as a capable company but questioned why it couldn’t simply build its own plant in the U.S. rather than acquiring U.S. Steel. Drawing a parallel to iconic American figures like Babe Ruth, Trump highlighted U.S. Steel as a cherished national brand that should be preserved. His stance casts further doubt on the future of the deal, reinforcing the political and public resistance to transferring ownership of such a historically significant firm to foreign hands.