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Shares of U.S. Steel ( X ) tumbled 8% in early trading Thursday, after President Donald Trump reportedly said that he doesn't want foreign ownership of the company.

Trump said that he doesn't want U.S. Steel purchased by “any other place,” Bloomberg reported.

Trump pointed to higher steel orders for the company as an indication of its improved footing, the report said. The president also said that U.S. Steel was "the number one company in the world for a long time,” according to the report, adding “that’s why we don’t want to see it go to Japan, and we love Japan but U.S. Steel is a very special company."

Earlier this week, Trump ordered a review of Nippon Steel's proposed takeover bid after former President Joe Biden blocked the $14.1 billion deal , based on the view that the sale could pose a threat to national security. The companies had sued the U.S. government to challenge the decision.

Shares of U.S. Steel surged earlier this year amid hopes Trump would reverse Biden's order. The company's shares have added more than a fifth of their value since the start of the year.

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