President Joe Biden is opposing a proposed sale of U.S. Steel to a Japanese company.
“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,” Biden will say in a statement to be published on Thursday.
The White House confirmed Biden’s opposition to the proposed sale to the Washington Examiner. It had previously told reporters that the purchase of the Pittsburgh-based conglomerate to Nippon Steel would be subject to a review from the Committee on Foreign Investment in the United States.
A number of politicians have also come out in opposition to the proposed sale, including Biden’s 2024 general election opponent, former President Donald Trump.
“I would block it. I think it’s a horrible thing, when Japan buys U.S. Steel,” he said earlier this year. “I would block it instantaneously.”
United Steelworkers International President David McCall and Negotiating Committee Director Mike Millsap added that a recent meeting with Nippon Steel “yielded no progress and ended in less than an hour.”
“Nippon offered more promises and commitments today, but did not provide us with anything enforceable. Our concerns remain what they have always been: enforcing our labor agreements and obtaining transparency about Nippon’s finances in the event this transaction occurs,” they wrote in a letter to members. “We also continue to be concerned about issues involving national defense, critical infrastructure and supply chains. It’s clear that USS and Nippon have barriers to closing the transaction.”
USW had previously thanked Biden for his support in their meetings with Nippon Steel.
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“Today we received personal assurances that President Joe Biden has our backs. He’s always been a friend to the American worker and our union, and we’re grateful he’s taking an interest in this matter,” McCall wrote in a Feb. 2 statement. “It’s essential that we continue to safeguard our domestic steelmaking capacity, and we appreciate the president’s ongoing commitment to revitalizing our critical supply chains and rebuilding our nation’s economic strength.”
Biden is currently in the middle of a two-day Midwest campaign tour, and he’ll hold events in Saginaw, Michigan, after appearing in Milwaukee, Wisconsin, on Wednesday.