Joe Biden spoke out against the deal between Nippon Steel and US Steel – Kommersant
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Yesterday, March 14, US President Joe Biden stated, that the metallurgical company US Steel should belong to American owners – thereby for the first time he directly spoke out against the purchase of its Japanese Nippon Steel. However, it is unclear whether Mr. Biden will use any regulatory measures to cancel the deal.
“US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American company, owned and operated by Americans,” Mr. Biden said. Nippon Steel has already stated that the company will be a good partner for US Steel and is going to support and develop the company’s work in the American market.
Nippon Steel reported on the purchase of US Steel for $14.9 billion in December. US Steel, which has fallen on hard times in recent years, has been looking for a buyer for some time. However, shortly after the announcement of the purchase, Mr. Biden stated about the need to check the transaction, as it may threaten national security. US Steel shares were down 6.4% on Wednesday and are down more than 20% since the start of the year.
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