United States Steel Corp ( X ) shares are getting crushed in Wednesday’s after-hours session after President Donald Trump suggested he doesn’t want to see the company get acquired by Nippon Steel.

What Happened: In a press conference from the Oval Office late Wednesday, Trump said he wants U.S. Steel to remain a U.S. company.

“We don’t want to see it go to Japan. You know, we love Japan, but U.S. Steel is a very special company,” Trump said.

The news comes just a day after U.S. Steel shares surged after Trump ordered a national security review of the company’s takeover deal with Nippon Steel, which was blocked by the Biden Administration.

U.S. Steel and Nippon Steel filed lawsuits in January in response to what the companies said was “wrongful interference” with Nippon's proposed $14.9-billion acquisition of U.S. Steel, originally announced at the end of 2023.

The Biden administration said last year that it was “vital” that U.S. Steel remained a domestically operated American steel company. The proposed acquisition had become a major topic of discussion leading up to the presidential election in November.

X Price Action: U.S. Steel shares were down 11.39% after-hours, trading at $39.98 at the time of publication Wednesday, according to Benzinga Pro.

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