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Investing.com -- U.S. Steel (NYSE:X) shares fell 2.6% intra-day Friday after a Nippon Steel (TYO:5401) executive told the Japanese Nikkei newspaper that its planned acquisition of the American steelmaker would require "a degree of management freedom" to proceed.
The comments from the Japanese steel giant appeared to respond to recent statements by President Donald Trump, who claimed Thursday that he held a "golden share" in U.S. Steel, giving the American people a 51% stake in the company. This assertion raised questions about potential political interference in the proposed deal.
"Without a degree of management freedom, it may not be possible to reach an agreement with the U.S. government," the Nippon Steel executive said, according to the newspaper.
In May, President Trump touted the agreement in a Pennsylvania rally after announcing the doubling of U.S. tariffs on steel imports. At that time, Nippon announced a $14 billion commitment to the company’s future and the most significant investment of its kind in Pennsylvania’s history.
The concerns come despite reports that a deal could be finalized as early as Friday.
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