Speaking on March 14, US President Joe Biden stated that he is opposed to Japan-based steelmaker Nippon Steel Corporation’s planned acquisition of US steelmaker United States Steel Corporation (US Steel). Biden said that "US Steel must remain domestically owned and operated". In February, the president said that he supported the United Steelworkers (USW) in their opposition to the proposed sale of US Steel to Nippon Steel, as SteelOrbis previously reported.
In addition, on March 15, Nippon Steel said that the acquisition would deliver clear benefits to US Steel, union workers and the US steel industry. Through increased financial investment and the contribution of its advanced technologies to US Steel, Nippon Steel stated that it will drive greater quality and competitiveness for customers in the critical industries that rely on American steel while strengthening American supply chains and economic defenses against China. “No other US steel company on its own can meet this challenge while also meeting antitrust requirements. We have provided significant commitments to the USW in our continued efforts to reach a mutually agreeable resolution,” the company said.
The USW had earlier said that Nippon Steel had failed to address concerns of workers at US Steel during a meeting held two weeks ago in Pittsburg between the Japanese company and the USW, as SteelOrbis reported previously.