Biden Resisting Sale of US Steel to Japanese Company

President Joe Biden has expressed his opposition to the proposed sale of U.S. Steel to Nippon Steel of Japan, stating that the U.S. should maintain strong American steel companies operated by American steel workers.

In a statement obtained in advance by The Associated Press, Biden emphasized the importance of U.S. Steel remaining an iconic American company that is domestically owned and operated.

This announcement, made as Biden campaigns in the Midwest, could impact his reelection race against Donald Trump. Biden has focused on revitalizing American manufacturing and has the support of organizations like the AFL-CIO.

Nippon Steel’s plans to acquire U.S. Steel for $14.1 billion raised concerns about job losses, supply chains, and national security. The Japanese company has promised no job cuts due to the merger and plans to maintain the U.S. Steel name and headquarters in Pittsburgh.

The deal is under review by the Committee on Foreign Investment in the United States, with the White House monitoring the process. While Biden is speaking out against the sale, he is not directly blocking it.

Trump previously expressed his opposition to the acquisition, and Biden is leveraging his support from unions to connect with voters in key swing states like Michigan and Pennsylvania.

The United Steelworkers have raised concerns about Nippon Steel’s plans, including honoring labor agreements and financial transparency. The U.S. views Japan as a key ally, but Nippon Steel’s ties to China have sparked concerns within the Biden administration.