President Biden disagreed with the possible sale of U.S. Steel to Nippon Steel of Japan on Thursday, stating that it is “crucial” for the company to remain domestically owned.
“It is important that we keep strong American steel companies run by American steel workers,” Biden said in a statement acquired by The Hill. “I assured our steel workers that I support them, and I meant it. U.S. Steel has been an iconic American steel company for over a century, and it is crucial for it to stay as an American steel company that is owned and operated within the country.”
Biden’s remarks mark the first time he has publicly addressed the subject since Nippon Steel initially announced in December that it intended to purchase U.S. Steel for about $14 billion. The planned deal sparked concerns among Pennsylvania lawmakers and steelworkers about the potential impact on job outsourcing, union workers, and U.S. supply chains.
The White House had previously stated that the deal would be assessed by the Committee on Foreign Investment in the United States.
Such a transaction would carry weight for Biden in an election year, where the economy and his support for union workers are crucial to his reelection campaign. Biden has presented himself as the most pro-union president ever and has pointed to low unemployment and substantial investments in domestic supply chains as signs of a strengthened economy.
United Steelworkers, which endorsed Biden in 2020, issued a statement in February commending Biden as the union opposed a potential sale of U.S. Steel.
“It’s crucial that we continue to protect our domestic steelmaking capacity, and we appreciate the president’s ongoing dedication to revitalizing our critical supply chains and enhancing our nation’s economic strength,” the union said in a statement.
