Japan's Nippon Steel is committed to its $15 billion acquisition of U.S. Steel and is confident of completing it by year-end, a senior executive said,

Almost a year after Nippon Steel announced its takeover plan, hefty political hurdles remain. President-elect Donald Trump this week repeated his opposition to the sale of U.S. Steel, saying he’d instead use tariffs and tax incentives to revitalize the American steelmaker.

The announcement reiterated sentiments the president-elect expressed on the campaign trail, and further imperiled a deal that had already run into widespread political opposition.

With lacking growth and the deal off the table, investors should expect U.S. Steel to trade back to the mid-$20 range or lower.

U.S. Steel has warned that without the Nippon Steel investment, it could close mills and move its headquarters from Pittsburgh.

Trump wrote in a post on Truth Social that he is “totally against” the sale of the Pittsburgh-based company to Nippon Steel of Japan.

US Steel's stock rises 2.5% on news of possible approval for $14 billion sale to Nippon Steel, signaling an improved outlook for the deal.

President-elect Donald Trump said he would block the proposed acquisition of U.S. Steel by the Japanese Company Nippon Steel. President Biden is yet to decide on the sale that has faced bipartisan pushback since the $15 billion deal was announced.

President-elect Donald Trump is underscoring his intention to block the purchase of U.S. Steel by Japanese steelmaker Nippon Steel Corp., and he’s pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker.