Shares of U.S. Steel dipped after a Nippon Steel executive told the Japanese Nikkei newspaper that its planned acquisition of the company required "a degree of management freedom" to go ahead, after President Donald Trump said he would exercise "total control" over the U.S. steelmaker.
The comments signal that last-minute discussions continue regarding the structure of the deal, which was opposed by then-U.S. President Joe Biden and Trump when it was first proposed. Trump said on Thursday that the U.S. will have "a golden share" in U.S. Steel.
"It's 51% ownership by Americans," Trump said while speaking to reporters at the White House. He did not provide details on how the arrangement would be structured.
Nippon Steel and U.S. Steel were not immediately available for comment.
Nippon Steel and the Trump administration asked a U.S. appeals court on June 5 for an eight-day extension of a pause in litigation to give them more time to reach a deal for the Japanese firm.
The $14.9 billion bid, first announced by Nippon Steel in December 2023, has faced opposition from U.S. politicians and the United Steelworkers union.
Shares of U.S. Steel fell about 4% on Friday. They are, however, up about 58% this year.
Trump's public comments, ranging from welcoming a simple "investment" in U.S. Steel by the Japanese firm to floating a minority stake for Nippon Steel, have created confusion.
Last month, Trump told reporters the deal still lacked his final approval, leaving unresolved whether he would allow Nippon Steel to take ownership.
