Biden: 'Vital' for US Steel to remain domestically owned and operated
President Biden on Thursday pushed back against the potential sale of U.S. Steel to Nippon Steel of Japan, calling it "vital" for the company to remain domestically owned.
“It is important that we maintain strong American steel companies powered by American steel workers," Biden said in a statement obtained by The Hill. "I told our steel workers I have their backs, and I meant it. U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”
Biden's comments are the first time he has publicly weighed in since Nippon Steel first announced in December it planned to buy U.S. Steel for roughly $14 billion. The planned transaction raised alarms among Pennsylvania lawmakers and steel workers about what it could mean for outsourcing jobs, for union workers and for U.S. supply chains.
The White House had previously said the deal would be reviewed by the Committee on Foreign Investment in the United States (CFIUS).
Such a transaction would be significant for Biden in an election year, where the economy and his support for union workers are central to his reelection pitch. Biden has touted himself as the most pro-union president of all time, and he has pointed to low unemployment and investments in domestic supply chains as examples of a strengthened economy.
The United Steelworkers, which endorsed Biden in 2020, issued a statement in February praising Biden as the union pushed back against a potential sale of U.S. Steel.
“It’s essential that we continue to safeguard our domestic steelmaking capacity, and we appreciate the president’s ongoing commitment to revitalizing our critical supply chains and rebuilding our nation’s economic strength," the union said in a statement.