Biden, Trump, and Harris Unite Against Foreign Steel Sale Amid National Security Concerns

It is uncommon for figures like President Joe Biden, Vice President Kamala Harris, and former President Donald Trump to share a consensus, but during the heated race for the 2024 election, all three are in alignment against the sale of US Steel to the Japanese company Nippon Steel. Reports indicate that Biden plans to announce his intention to block the $14.9 billion deal, citing national security concerns as the primary reason for his decision.

Although US Steel asserts that the sale does not pose a security threat, arguing that Japan is a close ally, the company intends to exhaust every legal option to secure the transaction. The impending acquisition has triggered significant debate among the candidates, with Harris emphasizing the need for US Steel to remain within American ownership during a recent rally in Pennsylvania. Similarly, Trump has vowed to reject the sale "instantaneously" if he regains the presidency, reinforcing his commitment to prevent foreign control over the American steel brand.

The potential fallout from the acquisition's rejection is serious, with US Steel warning of significant job losses and business consequences if the sale does not go through. They have expressed that many good-paying union jobs would be at risk, and the company would struggle to remain competitive without the financial backing promised by Nippon Steel. To underline their position, US Steel has highlighted that Nippon's investment would benefit facilities in both Pennsylvania and Indiana, illustrating the impact on local economies. On the same day as Biden's expected announcement, there were demonstrations from steelworkers urging the state government to support the deal, emphasizing the dire stakes involved. Meanwhile, business coalitions have voiced their disapproval of Biden's anticipated move, advising against blocking the foreign investment.