Economy & Tech

Biden Says US Steel Must Remain American

Weeks ahead of an April US-Japan summit, President Joe Biden referred to the Nippon Steel buyout, saying he opposes a foreign company owning US Steel.

Published

8 months ago

March 17, 2024

Kazuyuki Sakamoto, The Sankei Shimbun

US President Joe Biden speaks at an event in the state of Georgia on March 9. (© Reuters)

On March 14, United States President Joe Biden issued a statement regarding Nippon Steel Corporation's planned acquisition of US Steel. "It is vital for [US Steel] to remain an American steel company that is domestically owned and operated," he said.

With the November election approaching, labor unions, one of Biden's key electoral bases, oppose the takeover. Biden will meet with Prime Minister Fumio Kishida on April 10 in Washington. Some speculate the president issued the statement ahead of the meeting to show solidarity with the labor unions.

Biden emphasized, "It is important that we maintain strong American steel companies powered by American steelworkers."

*Republican presidential candidate and former US President Donald Trump speaks ahead of the South Carolina Republican presidential primary on February 10, 2024. (© REUTERS/Sam Wolfe)*

Election Politics

Former President Donald Trump, the likely Republican presidential candidate, said in January, "I would block (the deal) instantaneously. Absolutely." Commentators have interpreted Trump's comments as a bid to win the labor unions' votes.

US Steel is headquartered in eastern Pennsylvania, a crucial state in determining the presidential election winner.

At Biden's invitation, Kishida will arrive in Washington in early April for an official state visit and summit meeting.