Joe Biden came out against Japanese Nippon Steel’s takeover of US Steel, stating that the company should retain American ownership. “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,” said the US President in a statement, at risk of upsetting its key ally. US Steel stock tumbled nearly 13% on Wednesday after President Biden expressed his opposition to the deal.
Nippon Steel’s $14.1 billion proposal to buy an iconic American steel company was opposed by several US lawmakers on national security grounds. In August 2023, US Steel rebuffed a $7.3 billion takeover from rival steelmaker Cleveland-Cliffs and launched a formal review of its strategic options. Since then, US Senators, including J.D. Vance, have been urging the company not to consider foreign buyers. Interestingly, the United Steelworkers (USW) …