Biden Says He's Against Nippon Steel Purchase of US Steel
President Joe Biden came out against the purchase of U.S. Steel by Nippon Steel, saying in a post on X: "I told our steel workers I have their backs, and I meant it. U.S. Steel has been an iconic American company for more than a century -- it’s vital that it remain domestically owned and operated."
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The Committee on Foreign Investment in the U.S. is examining the deal. The committee aims to prevent purchases that create a national security risk.
The U.S. Chamber of Commerce's John Murphy, head of international trade issues at the organization, said after Biden's comment: "Attempts to politicize the objective Committee on Foreign Investment in the United States (CFIUS) review of NSC’s acquisition of U.S. Steel are both inappropriate and counterproductive. That review will surely support the transaction given Japan’s status as one of America’s most important and reliable allies. Japanese investment in the U.S. supports nearly one million American jobs, and officials must be careful not to send a chilling signal to international companies that U.S. politics may put their job-creating investments in the U.S. at risk. For these reasons, it’s imperative that the CFIUS review proceed; and if, as expected, it reveals no national security concerns, the sale should proceed.”
The United Steelworkers, who have opposed the purchase since its announcement, said, "The president’s statements should end the debate: U.S. Steel must remain ‘domestically owned and operated.’"
Sen. John Fetterman, D-Pa., said, "The President’s opposition to this disastrous proposed sale is a significant step. I’m proud to stand with President Biden and the United Steelworkers. We have to block this sale.”
Nippon Steel didn't respond to a request for comment by deadline, but told The Wall Street Journal, "We welcome the Administration’s scrutiny of the transaction, as an objective and comprehensive review of this transaction will demonstrate that it strengthens U.S. jobs, competition, and economic and national security."