FILE – United States Steel’s Edgar Thomson Plant in Braddock, Pa. is shown on Feb. 26, 2019. U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion. The transaction is worth about $14.9 billion when including the assumption of debt. Nippon, which will pay $55 per share for U.S. Steel, said Monday, Dec. 18, 2023 that the deal will bolster its manufacturing and technology capabilities. (AP Photo/Gene J. Puskar, File)
WASHINGTON (AP) — President Joe Biden is opposing the planned sale of U.S. Steel to Nippon Steel of Japan, saying the U.S. needs “strong American steel companies powered by American steel workers.” The announcement Thursday comes as the Democratic president campaigns in the Midwest and could have ripples in his race against Republican Donald Trump. Nippon Steel announced in December it plans to buy the Pittsburgh-based steel producer for $14 billion in cash. That raised concerns within the federal government about what the transaction could mean for unionized workers, supply chains and U.S. national security. Nippon Steel promises no job losses and says it’s committed to keeping U.S. Steel’s Pittsburgh headquarters.