Biden to say US Steel must remain domestically owned and operated
President Joe Biden will oppose the proposed .9 billion acquisition of U.S. Steel Corp by Japan’s Nippon Steel, stating that U.S. Steel must remain a domestically owned and operated American firm. In a statement, Biden will emphasize the importance of maintaining strong American steel companies powered by American workers and highlight U.S. Steel’s significance as an iconic American company for over a century. U.S. Steel shares dropped 4.9% in premarket trading following the news. The acquisition has faced criticism from both Democratic and Republican U.S. senators due to national security concerns and lack of consultation with U.S. Steel’s main union.