President Joe Biden announced that he opposes the takeover of U.S. Steel by Japan’s Nippon Steel company. Biden had not previously taken a stance on the buyout, which was announced in December 2023. In January, former President Donald Trump said he’d block the deal if he defeats Biden in the 2024 election.
The Nippon Steel takeover has become a significant election issue in several critical swing states — including Pennsylvania, which it would directly impact. Headquartered in the crucial swing state, US Steel also has operations in Michigan, Ohio, and Minnesota.
While meeting with the Teamsters Union in January, former President Trump — who leads Biden in most swing-state polls — said he’d “block it instantaneously,” referring to the Japanese company’s proposed buyout. “We saved the steel industry. Now, U.S. Steel is being bought by Japan. So terrible,” he added.
The former president has emphasized the success of his foreign tariffs in revitalizing U.S. industry during his first term in office. Trump has promised to continue the policy if re-elected, outlining what he called “Patriotic Protectionism” in a campaign speech in Michigan in September of last year.
For his part, Biden released a statement announcing his opposition to Nippon Steel’s purchase of U.S. Steel. “It is important that we maintain strong American steel companies powered by American steelworkers,” the Democrat incumbent said. He added: “I told our steelworkers I have their backs, and I meant it. 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.”
Along with former President Trump, Sen. John Fetterman (D-PA) was one of the first and only lawmakers on Capitol Hill to oppose the U.S. Steel takeover.