07:21 AM EDT, 04/11/2025 (MT Newswires) -- President Donald Trump said US Steel (X) may not need to go forward with a takeover by Nippon Steel, noting that tariffs are helping to strengthen the company's outlook, Reuters reported Thursday, citing remarks made during a Cabinet session.

"US Steel is going to do very well now because of tariffs, and I don't know why they even need a deal," Trump said, according to the report.

Trump expressed pride in US Steel's legacy and said Nippon should consider developing its own production facility instead, Reuters reported.

Trump said he might be more open to Nippon making an investment in US Steel but was wary of a stake turning into full control, according to the report.

US Steel shares fell 9.5% on Thursday and were 1% higher in Friday premarket activity.

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