Biden opposes plan to sell US Steel to a Japanese firm, citing the need for 'American steel workers'
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President Biden opposes the planned sale of U.S. Steel to Nippon Steel of Japan, stating the importance of maintaining strong American steel companies powered by American steel workers. The Japanese company announced in December its plan to buy U.S. Steel for $14.1 billion in cash. Biden's opposition to the merger is seen as a move to support unionized workers in an election year, despite potential backlash from the business community and Japan. The White House stated that Biden called the president of United Steelworkers to reiterate his support for its members. Nippon Steel has emphasized the benefits of the deal for U.S. Steel, union workers, the American steel industry, and national security. The company has committed to keeping the U.S. Steel name and Pittsburgh headquarters. The steel deal is currently under review by the Committee on Foreign Investment in the United States (CFIUS), which Biden holds sway over. While Biden has not formally blocked the deal, his opposition could influence the outcome. Former President Trump also expressed opposition to the acquisition. Biden's stance on the deal aligns with his agenda to restore American manufacturing and gain support from unions. The U.S. considers Japan a key partner in countering China's influence in Asia, but Nippon Steel's connections to China have raised concerns within the Biden administration. The U.S. Chamber of Commerce warned against blocking the deal, citing potential negative impacts on foreign investment and the U.S.-Japan alliance. Sen. Bob Casey applauded Biden's statement, expressing his opposition to any deal that leaves U.S. Steelworkers behind.
#Biden #UsSteel #NipponSteel #Merger #UnionWorkers #Manufacturing #NationalSecurity #Cfius #Japan #China #ForeignInvestment
https://www.washingtonpost.com/business/2024/03/14/biden-steel-nippon-kishida-merger-purchase/ea79696a-e1e1-11ee-95aa-7384336086f3_story.html
The Washington Post /
npub1nw…97m8h
2024-03-15 02:56:05
Author Public Key
npub1nwad78hejfewj63p264uf2sxh0a5az753pw7auscrlupefjtr27sp97m8hPublished at
2024-03-15 02:56:05Event JSON
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"content": "Biden opposes plan to sell US Steel to a Japanese firm, citing the need for 'American steel workers'\n==========\n\nPresident Biden opposes the planned sale of U.S. Steel to Nippon Steel of Japan, stating the importance of maintaining strong American steel companies powered by American steel workers. The Japanese company announced in December its plan to buy U.S. Steel for $14.1 billion in cash. Biden's opposition to the merger is seen as a move to support unionized workers in an election year, despite potential backlash from the business community and Japan. The White House stated that Biden called the president of United Steelworkers to reiterate his support for its members. Nippon Steel has emphasized the benefits of the deal for U.S. Steel, union workers, the American steel industry, and national security. The company has committed to keeping the U.S. Steel name and Pittsburgh headquarters. The steel deal is currently under review by the Committee on Foreign Investment in the United States (CFIUS), which Biden holds sway over. While Biden has not formally blocked the deal, his opposition could influence the outcome. Former President Trump also expressed opposition to the acquisition. Biden's stance on the deal aligns with his agenda to restore American manufacturing and gain support from unions. The U.S. considers Japan a key partner in countering China's influence in Asia, but Nippon Steel's connections to China have raised concerns within the Biden administration. The U.S. Chamber of Commerce warned against blocking the deal, citing potential negative impacts on foreign investment and the U.S.-Japan alliance. Sen. Bob Casey applauded Biden's statement, expressing his opposition to any deal that leaves U.S. Steelworkers behind.\n\n#Biden #UsSteel #NipponSteel #Merger #UnionWorkers #Manufacturing #NationalSecurity #Cfius #Japan #China #ForeignInvestment\n\nhttps://www.washingtonpost.com/business/2024/03/14/biden-steel-nippon-kishida-merger-purchase/ea79696a-e1e1-11ee-95aa-7384336086f3_story.html",
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