President Biden Says U.S. Steel Must Stay Domestically Owned and Operated

U.S. Steel Corp, which has agreed to be bought by Japan’s Nippon Steel for $14.9 billion, must remain a domestically owned and operated American firm, President Joe Biden said on Thursday, opposing the proposed merger.

The United States needs to “maintain strong American steel companies powered by American steelworkers,” Biden said.

“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,” the president added in a statement.

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