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Biden To Oppose Foreign Acquisition Of US Steel In Bid To Sway Blue-Collar Voters

President Joe Biden plans to voice his opposition to a foreign takeover of iconic American company U.S. Steel on Thursday in an effort to win over blue-collar voters, according to the Associated Press.

Japan’s Nippon Steel first announced in December that it would buy US Steel, the world’s fourth-largest steel producer, for about $14.9 billion, after receiving multiple offers, including from US steelmaker Cleveland-Cliffs. The announcement, which the president is scheduled to make in the battleground state of Michigan, is aimed at swaying blue-collar voters and union members by positioning himself as a supporter of American manufacturing. It’s part of the process. according to To AP. (Related: Adidas records first deficit in 30 years and warns American market)

“U.S. Steel has been America’s iconic steel company for more than a century, and it is critical that we remain a domestically owned and operated American steel company,” Biden’s statement said, according to the Associated Press. It’s dark. The president also noted that the United States needs to “keep American steel companies strong, supported by American steelworkers.”

The president has no intention of intervening to block the deal, according to people who spoke to The Associated Press. Former President Donald Trump said he would immediately block the deal.

Following the acquisition announcement in December, a group of three Republican senators sent a letter to Treasury Secretary Janet Yellen urging the Biden administration to block the U.S. Steel acquisition. The senators argued that foreign takeovers pose national security risks.

After the letter was sent, National Economic Council Director Lael Brainard noted that acquisitions must be scrutinized for national security and supply chain risks. The Treasury Department’s Committee on Foreign Investment in the United States is the agency that investigates acquisitions like U.S. Steel.

Biden has struggled to win the support of steelworkers, and the United Steelworkers union and steel manufacturers’ groups sent a letter to the Treasury Department in July 2023 calling for tax breaks to help Chinese steelmakers. He criticized the Biden administration for allowing the measures. Labor unions and businesses had criticized tax credits for green energy projects that left open the possibility for companies to use foreign steel to make certain parts of solar panels.

“Biden and Slotkin’s policies will put families at risk of buying groceries and homeownership, and will make communities and the world less safe while criminal cartels operate in Michigan thanks to open border policies. Thousands of auto jobs will be lost in Michigan due to reckless EVs in Michigan,” said former Republican Michigan Rep. Mike Rogers, who is currently running for the state’s U.S. Senate seat. , in response to Biden’s visit to Michigan. “Mr. Biden’s visit today will do nothing to end the pain for Mr. Biden and Mr. Slotkin.”[Democrat running for Michigan Senate seat] The policy is putting a strain on Michigan families, who cannot afford to keep their insurance for another four to six years. ”

US Steel is Founded It was founded in Pittsburgh in 1901 by J.P. Morgan and Andrew Carnegie through the merger of Federal Steel Company and Carnegie Steel Company.

The White House, Nippon Steel and U.S. Steel did not immediately respond to requests for comment from the Daily Caller News Foundation.

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