Biden Opposes Japanese Firm’s Proposed Purchase of US Steel
President Joe Biden announced March 14 that he plans to oppose the proposed acquisition of U.S. Steel Corp by Japan-based Nippon Steel Corp., saying it is "vital" to keep the 123-year-old American steelmaker in U.S. hands.
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“It is important that we maintain strong American steel companies powered by American steel workers,” Biden said in a statement. “U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”
Democratic Sens. Bob Casey and John Fetterman, both of Pennsylvania, where U.S. Steel is headquartered, and the United Steelworkers union all issued statements welcoming Biden’s decision.
“Allowing one of our nation’s largest steel manufacturers to be purchased by a foreign-owned corporation leaves us vulnerable when it comes to meeting both our defense and critical infrastructure needs,” United Steelworkers President David McCall said. “The president’s statements should end the debate.”
U.S. Steel didn't immediately respond to a request for comment.
Nippon Steel and U.S. Steel announced the $14.9 billion deal Dec. 18, saying that combining their technologies and manufacturing capabilities would allow them to better serve their customers (see 2312200056). Three days later, U.S. Steel said the companies would ask the Committee on Foreign Investment in the U.S. to review the transaction (see 2312210078).