WASHINGTON/TOKYO -- U.S. President Donald Trump said Sunday that Nippon Steel would not be allowed to take a majority stake in U.S. Steel, making it highly likely the Japanese company will need to fundamentally revise its plan to acquire its American peer.
"Nobody can have a majority stake for U.S. Steel. They can [have] for other companies, but not for U.S. Steel," Trump said, speaking to media on Air Force One. "I don't want U.S. Steel being owned by a foreign country. ... But they are allowed to invest in it, and that's different."
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