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US Steel (X) shares plunged in extended-hours trading after US President Donald Trump said he doesn't want Japan's Nippon Steel (NPSCY) to take over the company. Trump's comments come just after the White House said it would be revisiting Nippon's acquisition of US Steel. Former US President Joe Biden, Trump's predecessor, had blocked the deal.
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Breaking news right now, US steel shares dropped as much as 16% in post-market trading. That's after remarks from President Trump from the Oval Office. Trump said he does not want US deal to go to Japan, adding quote, "We love Japan, but US deal is a very special company." This is coming days after President Trump or the committee on foreign investment in the United States to conduct a new review on the proposed acquisition of US deal, remember, by Japan's Nippon Steel. The review of the acquisition, again, is aimed to assist in determining whether further action in this matter may be appropriate. It's according to a presidential action. Of course, all this coming on a remarkable day in the markets here.
