Trump vows to block Nippon Steel deal for U.S. Steel

President-elect promises to revive American steelmaker via tax incentives and tariffs

U.S. Steel Mon Valley Works, Pennsylvania. The proposed acquisition by Nippon Steel is currently under review by the Committee on Foreign Investment in the United States. (Photo by Yuki Nakao)

KEN MORIYASU, Nikkei Asia diplomatic correspondent

December 3, 2024 13:47 JST

Updated on December 3, 2024 16:07 JST

WASHINGTON -- U.S. President-elect Donald Trump made clear his intention to block Nippon Steel's acquisition of U.S. Steel on Monday evening during his first public comments about the deal since winning the Nov. 5 election.

"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," he wrote on Truth Social.