Biden is coming out in opposition to plans to sell US Steel to a Japanese company

Mar14,2024



Washington: President Joe Biden Coming out in opposition to the planned sale of us steel To Nippon Steel Japan said in a statement Thursday that the US needed to “remain strong” American steel companies Powered by American steel workers.” In a statement previously obtained by The Associated Press, Biden says: “US Steel has been an iconic American steel company for more than a century, and it is important for it to remain an American steel company Is domestically owned and operated.”
Thursday's announcement, as Biden campaigns in the Midwest, could create a stir in his race against presumptive GOP nominee Donald Trump.
The Democratic president has made the revival of American manufacturing a cornerstone of his agenda as he runs for re-election, and he has the support of the AFL-CIO and several other major unions.
Nippon Steel announced in December that it planned to buy the Pittsburgh-based steelmaker for US$14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and US national security. Could.
Shortly after the deal was announced, the White House indicated that it would be reviewed by the Secret Committee on Foreign Investment in the United States. The government does not officially provide updates on this CFIUS review process,
The Democratic president has a big megaphone to weigh in on the matter, according to a person familiar with the deliberations who insisted on anonymity to discuss the situation, but he is not interfering in the review process or Not formally blocking the deal.
Trump said after meeting with the Teamsters union earlier this year that he would stop the takeover of US Steel: “I would stop it. I think it's a terrible thing when Japan buys US steel. I I will stop it immediately.”
Biden will travel on Thursday to Saginaw, Michigan, once home to many General Motors factories And where does he expect support from? union worker May resonate with voters.
The city is in a swing county that supported Trump in 2016 and then swung in favor of Biden in 2020, making it a key contest in this year's presidential race.
Has close relations with Biden United Steelworkers, According to a February statement from the union about Nippon Steel's plans, he gave the union “personal assurances” that he would support them. US Steel is headquartered in Pennsylvania, another key state in this year's election.
The United Steelworkers issued a statement last week after meeting with representatives of Nippon Steel that it had concerns about whether the company would honor existing labor agreements and about the company's financial transparency, saying that the merger There were “obstacles” to closure.
The US considers Japan one of its closest allies and a key partner in countering China's ambitions and influence in Asia. Biden has visited the country twice as president and will host Japanese Prime Minister Fumio Kishida at the White House on April 10.
But Nippon Steel's ties to China have raised concerns within the administration.
According to the World Steel Association, more than half of the steel produced globally comes from China. India is the second largest producer, followed by Japan and the United States.



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