Biden opposes plan to sell US Steel to a Japanese firm, citing the need for ‘American steel workers’

WASHINGTON (AP) — President Joe Biden came out in opposition to the planned sale of U.S. Steel to Nippon Steel of Japan, saying on Thursday that the U.S. needs to “maintain strong American steel companies powered by American steel workers.” In a statement, Biden added: “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.” By opposing the merger, Biden has chosen to support unionized workers in a critical election year at the risk of upsetting the business community and an essential ally in Japan. Thursday’s announcement, coming as Biden is campaigning in the Midwest, could have ripples in his race against the presumptive Republican presidential

Donald Trump.

The Democratic president has made the restoration of American manufacturing a cornerstone of his agenda as he seeks reelection, and he has the endorsements of the AFL-CIO and several other prominent unions. The White House said Thursday that Biden called David McCall, president of United Steelworkers, to reiterate his support for its members.

Nippon Steel announced in December that it planned to buy the Pittsburghbased steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security.

The Japanese company has tried to assuage critics by promising no job losses due to the merger. It also committed to keeping

nominee, the U.S. Steel name and Pittsburgh headquarters, while noting it already has a presence in the American market and would bring in new resources to foster job growth.

The company, which is the world’s fourth largest steel producer, launched a website with supportive statements from Larry Summers, the former treasury secretary, and Pat Toomey, a Republican and former senator from Pennsylvania.

Shortly after the steel deal was announced, the White House indicated it would be under review by the secretive Committee on Foreign Investment in the United States. The government does not officially provide updates on the CFIUS review process. Biden has a big megaphone to weigh in on the matter, but he is not intervening in the review process or formally blocking the deal, according to a person familiar with deliberations who insisted on anonymity to discuss the situation.

When asked about the deal on Thursday, White House national security spokesman John Kirby declined to say if the president wanted to stop it outright or would be amendable to changes in its structure. But Kirby told reporters that the United States sees its alliance with Japan as “stronger than it’s ever been.” Still, the president holds sway over CFIUS. The treasury secretary leads the committee, which is also composed of the heads of federal agencies and, as deemed appropriate, directors of White House councils on the economy and national security...