President Biden has taken a strong stance against the proposed $15 billion takeover of U.S. Steel by Japan’s Nippon Steel. The deal, announced in December, has faced fierce opposition from the United Steelworkers union as well as former President Donald Trump.
Biden, who expressed support for American steel companies and workers during a campaign event in Saginaw, Michigan, is particularly concerned about the impact of the deal on the battleground state of Pennsylvania, where U.S. Steel is based. The state, along with other midwestern swing states where U.S. Steel has operations, will play a crucial role in the 2024 presidential race.
Pennsylvania Senators Bob Casey and John Fetterman have joined Biden in urging the Committee on Foreign Investments in the United States (CFIUS) to carefully consider potential national security concerns raised by the deal. Biden’s economic adviser, Lael Brainard, has also publicly stated that the deal should be thoroughly scrutinized for any national security issues.
The United Steelworkers union, which has not yet endorsed a candidate for the upcoming election, is also closely monitoring the situation. With both Biden and Trump opposing the deal, the future of the takeover remains uncertain. Stay tuned to ‘The Puck Drop’ for updates on this developing story.
