Trump, referring to the Japanese car company Nissan but apparently meaning Nippon Steel, said “they’ll be looking at an investment rather than a purchase.”
US Steel's shares closed down 5.8 percent on the news.
Former US president Joe Biden blocked the deal shortly before he left office last month on national security grounds, sparking a joint lawsuit from the two firms -- and condemnation from Japanese Prime Minister Shigeru Ishiba.
In response, the US authorities announced they had extended the deadline for the Japanese firm to abandon its acquisition of US Steel until June 18, extending an initial 30-day deadline.
“Our concerns regarding Nippon's continued interest in US Steel remain unchanged,“ United Steelworkers international president David McCall said in a statement.
“While we await the details of the proposed investment, we encourage President Trump to continue safeguarding the long-term future of the domestic steel industry by instead seeking American alternatives,“ he added.
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