The elected U.S. President Donald Trump announced on Monday that he would block the Japanese steel giant Nippon Steel from acquiring its American competitor US Steel, a deal initially announced in December 2023 for $14.9 billion.

“I am totally against the acquisition of the once great and powerful US Steel by a foreign company, in this case, Japan’s Nippon Steel,” the Republican declared via Truth Social.

“Through a series of tax incentives and tariffs, we will restore US Steel to its former greatness and power, and we will do this quickly!” he continued, typing the last word in capital letters for emphasis, as he often does. “As president, I will block this deal,” Trump insisted, reaffirming his stance as he prepares to succeed outgoing Democratic President Joe Biden on January 20.

During his campaign, Trump pledged to block the acquisition if it were approved and proceeded before he took office, as part of his protectionist policy.

In dire straits, US Steel has warned that if the acquisition does not go through, it will be forced to cancel large investments aimed at modernizing its operations, lay off workers, and possibly close factories.

The United Steelworkers (USW) union opposed the acquisition, fearing mass layoffs, despite Nippon Steel’s promise to keep the workers employed.

In November, Nippon Steel indicated that it expects to finalize the acquisition before the end of the year, before Joe Biden leaves the White House.

Like Trump, President Biden has repeatedly expressed his opposition to the move, considering it “absolutely essential” for US Steel to remain an American company.

The committee responsible for foreign investments in the U.S. (CFIUS) is still reviewing the acquisition plan, and recommendations will be submitted to President Biden, who will have the final say.

In November, the Japanese steel giant was calm about the transaction. “We expect the deal to be finalized in the fourth quarter of 2024, by December,” said the Japanese giant, presenting its quarterly earnings.

“If nothing changes radically, I believe the acquisition will be completed by the end of the year,” assured Nippon Steel’s Vice President Takahiro Mori to reporters.