Trump says will block Japanese firm's acquisition of U.S. Steel: 'Buyer Beware'

President-elect Donald Trump vowed Monday to stop Japanese company Nippon Steel's controversial $15 billion acquisition of U.S. Steel.

Nippon Steel is Japan’s largest steelmaker.

“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump posted on Truth Social. “As President, I will block this deal from happening. Buyer Beware!!!"

Nippon Steel said Tuesday that it was “determined to protect and grow U.S. Steel in a manner that reinforces American industry, domestic supply chain resiliency, and U.S. national security.”

The company said it plans to invest "no less than $2.7 billion into its unionized facilities, introduce our world-class technological innovation, and secure union jobs so that American steelworkers at U. S. Steel can manufacture the most advanced steel products for American customers."

The acquisition was first announced in December of 2023.

In September, Reuters reported that President Biden was close to announcing he would block the deal.

The deadline for the Committee on Foreign Investment in the United States (CFIUS) to review the acquisition is this month, according to Reuters.