U.S. Steel shares started the trading day down slightly after comments from a Nippon Steel executive indicating the so-called planned partnership is stalled.
The executive told the Nikkei newspaper Nippon Steel required "a degree of management freedom" for the deal to go ahead.
That follows remarks at the White House Thursday where President Donald Trump said as part of a "golden share" Americans will own a 51 percent stake of US Steel after its planned partnership with Nippon Steel is finalized.
In his words, Mr. Trump said "...we have a golden share, which I control, the president controls... But that gives you total control, 51% ownership by Americans."
There is now speculation last-minute discussions continue regarding the structure of the deal.