President Joe Biden has issued a statement opposing the Japanese acquisition of U.S. Steel after the White House previously said the purchase requires “serious scrutiny.”
“It is important that we maintain strong American steel companies powered by American steel workers. I told our steel workers I have their backs, and I meant it,” the statement read. “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.”
USW International President David McCall responded to Biden’s statement, saying, “The USW welcomes President Biden’s statement on the proposed USS-Nippon deal and shares his concerns over the sale’s long-term implications for our economic and national security.”
“Allowing one of our nation’s largest steel manufacturers to be purchased by a foreign-owned corporation leaves us vulnerable when it comes to meeting both our defense and critical infrastructure needs,” McCall declared. “The president’s statements should end the debate: U.S. Steel must remain ‘domestically owned and operated.’”
“President Biden told USW members he has our backs, and there’s no question that he meant it. We’re grateful for his unfailing support and his ongoing commitment to advancing the interests of working families and their communities.”
The Japanese government blamed election politics for the opposition.
“As long as the [U.S.] is in a campaign, we see a huge difficulty out there” moving forward with the deal, a Japanese government official said, according to Politico. “Whether or not [Biden’s] words mean killing the deal remains to be seen.”
American Faith reported in December that Nippon Steel Corporation was purchasing U.S. Steel for nearly $15 billion.
“We are excited that this transaction brings together two companies with world-leading technologies and manufacturing capabilities, demonstrating our mission to serve customers worldwide, as well as our commitment to building a more environmentally friendly society through the decarbonization of steel,” NSC President Eiji Hashimoto said. “NSC has long admired U. S. Steel with deep respect for its advanced technologies, rich history, and talented workforce and we believe we can jointly take on the challenge of raising our aspirations to even greater heights. The transaction builds on our presence in the United States and we are committed to honoring all of U. S. Steel’s existing union contracts. We look forward to collaborating closely with the U. S. Steel team to bring together the best of our companies and move forward together as the ‘Best Steelmaker with World-Leading Capabilities.’”
