Biden opposes plan to sell US Steel to a Japanese firm, citing the need for ‘American steel workers
United States President Joe Biden has opposed the sale of a Pittsburgh-based steel manufacturer, US Steel, to Japan’s largest steel producer, Nippon Steel. Biden emphasizes the importance of American steel companies supported by American workers, particularly as he seeks support among unions and blue-collar workers in Pennsylvania, a crucial swing state. This opposition aligns with Biden’s commitment to supporting American workers and industries. Former President Donald Trump also expressed opposition to the deal earlier this year. The proposed acquisition, worth $14.1 billion, has generated mixed reactions in the US, with concerns about selling off an iconic American brand versus welcoming new capital and technology. While Biden did not explicitly state he would block the deal, his influence over the Committee on Foreign Investment in the United States (CFIUS) suggests he holds sway. The intervention has been welcomed by United Steelworkers International but criticized by the US Chamber of Commerce for potentially politicizing the CFIUS review process. Biden’s stance risks straining relations with Japan, a key ally, as his administration aims to strengthen joint efforts against China.
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