This announcement, which is expected to be made on Thursday, comes in the wake of the Japanese Nippon Steel Corporation's declaration of its intent to acquire U.S. Steel, the world's fourth-largest steel producer, for an estimated $14.9 billion. This information was reported by The Associated Press.
The acquisition announcement by Nippon Steel Corporation, which was made in December, followed multiple offers, including one from the American steel company, Cleveland Cliffs. Biden's forthcoming statement is part of his strategy to appeal to blue-collar voters and union members by positioning himself as a champion of American manufacturing. The president's remarks are slated to be delivered in the politically significant state of Michigan.
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"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," reads Biden's statement, as reported by the AP. The president further emphasizes the need for the U.S. to "maintain strong American steel companies powered by American steel workers."
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Despite his opposition to the deal, the president does not intend to intervene to block it, according to sources who spoke to the AP. This stance contrasts with that of former President Donald Trump, who has stated that he would immediately block the deal.
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In the aftermath of the acquisition announcement in December, a trio of Republican senators penned a letter to Treasury Secretary Janet Yellen, urging the Biden administration to obstruct the acquisition of U.S. Steel. The senators contended that the foreign acquisition could pose a national security risk.
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Subsequent to the dispatch of this letter, Lael Brainard, director of the National Economic Council, underscored the need for the acquisition to be scrutinized for potential national security and supply chain risks. The Committee on Foreign Investment in the United States, housed within the Treasury Department, is the entity responsible for investigating acquisitions such as that of U.S. Steel.
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Biden's efforts to garner the support of steel workers have been met with resistance. In July 2023, the United Steelworkers Union and a group of steel manufacturers sent a letter to the Treasury Department, criticizing the Biden administration for permitting tax incentives that aid Chinese steel manufacturers. The union and firms expressed their disapproval of tax credits for green energy projects that potentially allow companies to use foreign steel when manufacturing certain parts of solar panels.
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Former Republican Michigan Representative Mike Rogers, who is currently campaigning for a Senate seat in the state, responded to Biden's visit to Michigan by saying, "The Biden-Slotkin agenda has priced families out of buying groceries and owning homes, made neighborhoods and the world less safe while criminal cartels operate in Michigan thanks to their open border policies, and will cost Michigan thousands of auto jobs thanks to their reckless EV mandates."
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U.S. Steel, founded in Pittsburgh in 1901 by J.P. Morgan and Andrew Carnegie through the merger of the Federal Steel Company and the Carnegie Steel Company, is a symbol of American industrial might. The White House, Nippon Steel, and U.S. Steel have yet to respond to a request for comment from the Daily Caller News Foundation.
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