Steve Holland
PITTSBURGH (Reuters) – President Joe Biden promised on Wednesday that US Steel would remain an “all-American company” during a speech to steelworkers at an event in Pittsburgh.
“And it will happen, I promise you,” Biden told the supporting crowd.
US Steel Corp has agreed to buy Japan’s Nippon Steel for $14.9 billion, but the deal has been described as a life support deal since the Democratic president signaled his opposition last month.
United States Steel (NYSE:) shares were last down 1.4% at $39.74, erasing earlier losses.
Biden was in Pittsburgh ahead of the November presidential election and used a visit to the headquarters of the United Steelworkers union to push for higher tariffs on imports of Chinese metals and new investigations into their trade practices.
A senior administration official, briefing reporters ahead of the announcement, declined to say whether Biden would use government leverage to stop the deal. “Nothing new can be added,” said the official, who wished to remain anonymous.
“Let’s keep US Steel in America,” a woman among the steelworkers shouted to Biden during the meeting. “Guaranteed,” Biden responded.