Trump sends US Steel shares shares tumbling with shocking comment

Core Viewpoint - President Trump expressed opposition to Nippon Steel's $14 billion bid for US Steel, indicating a preference for the company to remain American despite previous actions suggesting a review of the deal [1][3]. Group 1: Company Reactions - Following Trump's comments, shares of US Steel dropped by 13% in after-hours trading [2][3]. - US Steel and Nippon Steel did not provide immediate comments regarding the situation [3]. Group 2: Political Context - The merger faced significant opposition from both political candidates, Trump and Biden, during the presidential election, with both pledging to block the acquisition [5]. - Outgoing President Biden had previously blocked the merger on national security grounds, leading to a lawsuit from the companies against the Committee on Foreign Investment in the United States (CFIUS) [4][6]. Group 3: Legal Proceedings - The Trump administration filed a motion to extend deadlines in the lawsuit to allow more time for merger discussions [6]. - An appeals court was asked to pause litigation until June 5 while CFIUS reviews the merger again, which could potentially resolve the companies' claims [7].