United States Steel Corp ( X ) shares are facing selling pressure on Thursday after President Donald Trump suggested he doesn't want to see the company get acquired by Nippon Steel.

What To Know: In a press conference from the Oval Office after the market close on Wednesday, Trump told reporters 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.

U.S. Steel and Nippon Steel filed lawsuits in January after the Biden administration blocked Nippon’s proposed $14.9-billion acquisition of U.S. Steel, originally announced at the end of 2023. The companies claimed “wrongful interference” with the planned takeover deal.

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.

U.S. Steel shares surged earlier this week after Trump ordered a national security review of the company's blocked deal with Nippon Steel. The stock reversed course following Trump’s comments late Wednesday.

"If you go back to U.S. Steel from 90 years ago, it’s incredible. It was the number one company in the world for a long time. That's why we don't want to see it go to Japan,” Trump said.

X Price Action: U.S. Steel shares were down 11.6% at $39.91 at the time of publication Thursday morning, according to Benzinga Pro.