Shares of AK Steel dropped Monday, erasing gains from last week's spike on rumored takeover talk.
"It's giving all that back as Mitsui's said this morning 'we have no interest in AKS,'" Philip Gibbs, vice president and equity analyst at KeyBanc Capital Markets, told CNBC.
AK Steel declined to comment, while Mitsui did not immediately return CNBC's request for comment.
Shares of AK Steel jumped more than 6 percent last week, but more than gave up those gains by closing nearly 8 percent lower Monday.
AK Steel shares 5-day performance
The steel sector is particularly in focus given Chinese dumping and the Trump administration's "America First" policy.
However, Gibbs does not expect significant benefits for AK Steel from any changes.
"Anything incremental from a trade policy perspective could be perhaps helpful but AK has been a strong beneficiary of tariffs that have been enacted for the last 12 to 18 months," he said.