President Biden on Thursday pushed back against the potential sale of U.S. Steel to Nippon Steel, insisting it was “critically important” that the company remain domestically owned.
“It’s important to keep American steel companies strong, supported by American steelworkers,” Biden said in a statement obtained by The Hill. “I told steelworkers I stood by them, and I meant it. U.S. Steel has been an iconic American steel company for more than a century and is a domestically owned and operated steel company. It is extremely important that we remain an American steel company.”
Biden’s comments are the first time he has publicly weighed in on the issue since Nippon Steel first announced plans to buy U.S. Steel for about $14 billion in December. The planned deal has raised alarm among Pennsylvania lawmakers and steel workers about how it could affect job outsourcing, union workers and the U.S. supply chain. I raised it.
The White House previously said the deal would be reviewed by the Committee on Foreign Investment in the United States.
Such a deal would be important for Biden in an election year when the economy and support for union members are central to his re-election pitch. Biden has touted himself as the most pro-union president in history, citing low unemployment and significant investment in domestic supply chains as examples of strengthening the economy.
The United Steelworkers union, which supported Biden in 2020, issued a statement In February, the union praised Biden even as it opposed a potential sale of U.S. Steel.
“It is essential that we continue to protect our nation’s steel production capacity, and we appreciate the president’s continued commitment to revitalizing critical supply chains and rebuilding our nation’s economic strength,” the union said in a statement.
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