Trump says it would be "hard" to sell US Steel to Japan's Nippon Steel

Washington DC - President said Thursday it would be "hard" for him to agree to sell US Steel to Nippon Steel, but that he "feels better" about the Japanese giant acting as an investor instead.

President Donald Trump said Thursday it would be "hard" for him to agree to sell US Steel to Nippon Steel, but that he "feels better" about the Japanese giant acting as an investor instead. © Collage: Brendan SMIALOWSKI / AFP & Richard A. Brooks / AFP

"For a foreign country to buy that cherished US Steel brand, that's hard for me to do," Trump, who is reviewing Nippon Steel's proposed takeover after it was , told a televised cabinet meeting.

"They're coming back as an investor. And you know, I feel better about that I guess," he said.

Trump said Monday he had directed a government panel, the Committee on Foreign Investment in the US (CFIUS), to conduct a review of the acquisition.

CFIUS, tasked with analyzing the national security implications of foreign takeover of US companies, has 45 days to submit its recommendations to Trump.

US Steel and Nippon Steel announced the proposed $14.9 billion merger in December 2023. It was originally meant to close by the end of 2024's third financial quarter.

However, months of scrutiny by US antitrust authorities and CFIUS – which failed to reach a consensus for its recommendation – forced then-President Joe Biden to make a decision on the deal himself.

Biden had for months, while holding off on a move that could hurt ties with Tokyo, but he blocked it in his last weeks in office on national security grounds.

The two firms then against the Biden administration's "illegal interference" in the transaction.

US President Donald Trump said that he does not want to see the US Steel going to Japan, signaling his opposition to Japanese steelmaker Nippon Steel's plan to fully acquire the US peer. #DonaldTrump #Steel #Japan #NipponSteel #stockmarket #cnbctv18digital pic.twitter.com/rEEIEYPBCO

— CNBC-TV18 (@CNBCTV18News) April 10, 2025

Trump orders new review into US Steel/Nippon Steel merger

The review involves "identifying potential national security risks associated with the proposed transaction and providing adequate opportunity to the parties to respond to such concerns," his memo said.

Trump said during his 2024 campaign he wanted US Steel ownership to remain in the US.

Good decision by Pres. Trump to consider allowing Nippon steel to bring much needed cash infusion to US Steel.

President Trump ordered a new national security review of Nippon Steel’s plan to acquire U.S. Steel https://t.co/TeJolMEgIO

— Rand Paul (@RandPaul) April 8, 2025

In February, after , Trump said Nippon Steel would make a major investment in US Steel, but no longer attempt to take over the troubled company.