Trump says he would block Nippon-U.S. Steel deal 'instantaneously'

Donald Trump, the leading republican candidate, has said he would halt the acquisition of U.S. Steel Corp. (NYSE: X) by Nippon Steel Corp. should he be victorious in the upcoming presidential elections in November.

“I would block it instantaneously. Absolutely,” Trump said Wednesday. “We saved the steel industry. Now, U.S. Steel is being bought by Japan. So terrible, but yeah, we want to bring jobs back to the country.”

Japan’s Nippon Steel reached an agreement to buy U.S. Steel in December, offering $14.9 billion in cash, or $55 per share. Nippon prevailed in an auction for the 122-year-old steelmaker over other bidders, including Clevelend-Cliffs and ArcelorMittal.

Shares of U.S. Steel climbed 0.4% in after-hours trade.

By Vahid Karaahmetovic

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