The Political Nature of Biden’s Rhetoric on US Steel
Biden opposes Nippon Steel takeover of U.S. Steel. It's an issue in some swing states
President Biden on Thursday said he opposes a deal that would see Japan's Nippon Steel take over U.S. Steel, a proposed takeover that has become a political lightning rod for the presidential race in midwestern swing states.
The $15 billion deal was announced in December, and has been fiercely opposed by the United Steelworkers union. U.S. Steel is based in Pennsylvania — a battleground state for 2024 — and has operations in Michigan, Minnesota, Ohio and other states as well.
The White House said Biden had called the president of the union to relay his message.
Biden’s objection to U.S. Steel’s takeover by Nippon shows politics colliding with national-security decisions
President Joe Biden came out forcefully against Nippon Steel’s planned acquisition of U.S. Steel on Thursday, stressing the importance of maintaining “strong American steel companies powered by American steel workers.”
Biden’s statement sent U.S. Steel shares X, 0.39% tumbling more than 6% as investors surmised that the deal — currently under review by the Committee on Foreign Investment in the United States, or CFIUS — is likely dead in the face of presidential opposition.
Biden’s Nippon Steel Fiasco
Everyone knows the Trump-Biden election campaign is going to be nasty, brutish and not short enough, but the unknown is how much policy damage it will do. One unfolding example is the fiasco of self-destructive opposition to
Nippon Steel’s proposed acquisition of U.S. Steel.