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President-elect Donald Trump has pledged to block US Steel's sale to Japan's Nippon Steel. Having vowed to block the deal during his campaign, Trump shared his views on the sale on Monday for the first time since being elected through a Truth Social post.
U.S. Steel Corp. shares fell 7% in Tuesday's pre-market trading session after President-elect Donald Trump pledged to block Nippon Steel's plans to acquire the 123-year-old Pittsburgh-headquartered company.
President-elect Trump said he would use a series of tax incentives and tariffs to block Nippon Steel's planned purchase of American manufacturing firm U.S. Steel.
U.S. President-elect Donald Trump has pledged to block Japanese company Nippon Steel's planned purchase of U.S. Steel. "I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump said in a post to his social media platform Truth Social on Monday night E.T.
U.S. President-elect Donald Trump said on Monday a series of tax incentives and tariffs will make U.S. Steel strong again, as he reiterated his opposition to Nippon Steel's planned purchase of the company.
Nippon Steel will not import steel to the U.S. from its international mills, the Japanese company's Executive Vice President Takahiro Mori said on Monday in a letter to United Steelworkers union members.
United States Steel stock dropped nearly 6% during Wednesday's trading, accelerating the losing streak from the past week. Nippon Steel Corporation, Japan's largest steelmaker, set out to acquire United States Steel in December 2023, but has faced still opposition from both U.S. Presidents Joe Biden and President-elect Donald Trump.
Price action in the stock market is usually one of the best signs of what's about to come, and all price action is driven by volume. With these two fundamental factors at play, investors can safely assume that a lot of attention was headed to those in the industrial and manufacturing sectors after the United States presidential election results.
With the United States election over, investors are left figuring out which stocks and sectors they should invest in for the coming months. Most of the interest and capital are focused on the technology sector as momentum chasers step on the gas; however, a new trend is about to flip the script.