President-elect Donald Trump announced on Monday that he intends to block the sale of U.S. Steel to the Japanese manufacturing conglomerate Nippon Steel.

Throughout his campaign, Trump consistently expressed opposition to the deal, stating that he would prevent the transaction by utilizing tax incentives and imposing tariffs. Nippon Steel has proposed acquiring the American company for $15 billion.

“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. “Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening. Buyer Beware!!!”

Shortly after the sale of U.S. Steel was announced in December 2023, Trump declared that he would block the deal if he were re-elected as president, the Daily Wire reported.

“I would block it instantaneously. Absolutely,” Trump said. “We saved the steel industry. Now, US Steel is being bought by Japan. So terrible.”

The Japanese company stated in an email that it plans to invest billions in the United States as part of the agreement.

“Nippon Steel is 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. “We will 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 United Steelworkers union has opposed the proposal, arguing that it would undermine domestic production and pose a national security threat.

“Altogether, the proposed sale is bad for workers, our communities and the domestic industry – as well as our national security, critical infrastructure and domestic supply chains. We must continue to resist it – together,” the union said Monday. 

The U.S. Committee on Foreign Investment is presently reviewing the proposed deal.

Once the world’s largest steel producer, U.S. Steel had declined to become the 27th-largest steelmaker by 2023, according to the World Steel Association. In contrast, Nippon Steel ranked as the fourth-largest steelmaker last year within an industry increasingly dominated by China.