US Steel Deal Draws Fire from White House

President Biden voiced his opposition to Nippon Steel acquiring US Steel.  Labor cheered; the Chamber of Commerce jeered.

"It is important that we maintain strong American steel companies powered by American steel worker," said the President.  

"I told our steel workers I have their backs, and I meant it. U.S. 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."

United Steelworkers International President David McCall applauded the president's statement.

“The president’s statements should end the debate: U.S. Steel must remain ‘domestically owned and operated.’ 

Responding to the Biden Administration,  U.S. Chamber Senior Vice President and Head of International John Murphy issued the following statement:

“Attempts to politicize the objective Committee on Foreign Investment in the United States (CFIUS) review of NSC’s acquisition of U.S. Steel are both inappropriate and counterproductive.

That review will surely support the transaction given Japan’s status as one of America’s most important and reliable allies. Japanese investment in the U.S. supports nearly one million American jobs, and officials must be careful not to send a chilling signal to international companies that U.S. politics may put their job-creating investments in the U.S. at risk.

For these reasons, it’s imperative that the CFIUS review proceed; and if, as expected, it reveals no national security concerns, the sale should proceed.”