CNN —President Joe Biden on Thursday said he believes it’s “vital” that US Steel remain American owned and operated, dealing a blow to the iconic company’s planned sale to Japan’s Nippon Steel.
“It is important that we maintain strong American steel companies powered by American steel workers.
I told our steel workers I have their backs, and I meant it,” Biden said in a statement.
“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.”The Biden administration is concerned about some of Nippon’s assets in China, a person familiar with the administration’s thinking told CNN.
After the Biden statement, the US Chamber of Commerce warned against politicizing the US Steel deal and said the transaction should proceed if the CFIUS review reveals no national security concerns.
Persons:
Joe Biden, it’s, ” Biden, ”, Biden, Lael Brainard, Fumio, ” John Murphy, ” Michael Leiter, Skadden, Arps, ” Leiter, isn’t
Organizations:
CNN, US Steel, Japan’s Nippon Steel, Steel, Nippon, National Economic Council, Washington Post, Foreign Investment, Treasury, US Chamber of Commerce
Locations:
American, China, Pittsburgh, Washington, United States