Biden: "US Steel Must Remain an American Company" Opposition Statement

U.S. President Joe Biden publicly opposed Nippon Steel's merger and acquisition (M&A) plan on the 14th (local time), stating that US Steel must remain an American company.

In a statement that day, President Biden said, "US Steel has been an iconic American steel company for over a century, and it is essential that it remains an American steel company owned and operated in the United States."

President Joe Biden of the United States

He added, "It is important to maintain strong American steel companies operated by American steelworkers," and "I told our steelworkers that I sincerely support them."

Nippon Steel announced in December last year its plan to acquire US Steel for $14.9 billion (approximately 19.6978 trillion KRW), but the political and labor sectors, regardless of party lines, have opposed it. The White House also stated in December last year that given US Steel's critical role in producing materials important to national security, a careful investigation of the US Steel M&A should be conducted.

President Biden's public opposition appears to be related to the election campaign. The sale of an iconic American company to a foreign entity could influence voter sentiment. US Steel's headquarters are located in Pennsylvania, one of the six battleground states that could determine the election outcome, and the Trump camp, which emphasizes "America First," could use this as a point of attack. Former President Donald Trump said on January 31 that the US Steel M&A was a "terrible deal" and that he would "immediately block it."

This content was produced with the assistance of AI translation services.