Post by Webster on Mar 14, 2024 15:27:58 GMT -5
(The Guardian) Biden voices concern over proposed Japanese takeover of US Steel
Joe Biden has come out in opposition to the planned sale of Pittsburgh’s US Steel to Japan’s Nippon Steel, arguing that the US needs to “maintain strong American steel companies powered by American steel workers”.
Nippon Steel announced in December that it planned to buy US Steel for $14.1bn in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and US national security.
In a statement, Biden said: I told our steel workers I have their backs, and I meant it. US 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.
The announcement comes as Biden is campaigning in the midwest, and ahead of next month’s White House visit by Japan’s prime minister, Fumio Kishida. Biden has made restoring American manufacturing a cornerstone of his agenda as he seeks reelection.
Joe Biden has come out in opposition to the planned sale of Pittsburgh’s US Steel to Japan’s Nippon Steel, arguing that the US needs to “maintain strong American steel companies powered by American steel workers”.
Nippon Steel announced in December that it planned to buy US Steel for $14.1bn in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and US national security.
In a statement, Biden said: I told our steel workers I have their backs, and I meant it. US 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.
The announcement comes as Biden is campaigning in the midwest, and ahead of next month’s White House visit by Japan’s prime minister, Fumio Kishida. Biden has made restoring American manufacturing a cornerstone of his agenda as he seeks reelection.