Lael Brainard, the US national economic council director, has stated that US President Joe Biden believes that the purchase of US Steel by Japan-based Nippon Steel Corporation needs to be seriously investigated in terms of its potential impact on national security and supply chain reliability. US Steel will be a wholly-owned subsidiary of Nippon Steel once approvals are received, as SteelOrbis previously reported. Brainard said that the committee on foreign investment will be ready to look carefully at the findings of any such investigation and to act if appropriate.
Meanwhile, Brainard also said that the president indicated that US Steel remains a core component of the overall domestic steel production and that he welcomes manufacturers across the world building their futures in the US with US workers.
