By JOSH BOAKPresident 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." The Japanese company reiterated Friday how the deal benefits U. S. Steel, union workers, the American steel industry and national security. “Nippon Steel will advance American priorities by driving greater quality and competitiveness for customers in the critical industries that rely on American steel while strengthening American supply chains and economic defenses against China,” it said in a statement out of Tokyo. “No other U.S. steel company on its own can meet this challenge while also meeting antitrust requirements,” it said, stressing it already employs 4,000 American workers.

Source: Wall Street Journal March 15, 2024 10:40 UTC