Tag: U.S. Steel

Biden Vows to Block Foreign Acquisition of Iconic American Company

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President Joe Biden

President Joe Biden promised on Wednesday to block the acquisition of U.S. Steel by a Japanese competitor in remarks to a crowd in Pittsburgh, Pennsylvania, made up of unionized steelworkers.

The Japanese Nippon Steel Corporation, the fourth-largest steel producer, first announced that it would be acquiring U.S. Steel in December for around $14.9 billion after turning down other offers, including from American steel company Cleveland Cliffs. The president, in his remarks, emphasized the importance of the American steel industry and called out China for subsidizing their own steel producers.

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Biden to Oppose Foreign Acquisition of U.S. Steel in Bid to Sway Blue Collar Voters

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Biden U.S. Steel

President Joe Biden is expected to announce his opposition to the foreign acquisition of the iconic American company U.S. Steel on Thursday as he looks to win over blue collar voters, according to The Associated Press.

The Japanese Nippon Steel Corporation first announced that it would be acquiring U.S. Steel, the world’s fourth-largest steel producer, in December for around $14.9 billion after entertaining multiple offers, including from American steel company Cleveland Cliffs. The announcement is part of the president’s bid to sway blue-collar voters and union members by positioning himself as supporting American manufacturing, with the remarks to be delivered in the battleground state of Michigan, according to the AP.

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