- Nippon Steel & Sumitomo Metal Corporation
- 03 January 2025 16:07:32
Source: Sharecast
In a statement, Biden added that “US Steel will remain a proud American company – one that’s American-owned, American-operated, by American union steelworkers – the best in the world".
US Steel has warned that it needs the $3bn investment pledged by its Japanese rival or it may have to power down some of its major mills.
Biden's decision follows a national security review into the deal, led by the Committee on Foreign Investment in the United States.
“We need major US companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said.
"A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains. That is because steel powers our country: our infrastructure, our auto industry, and our defense industrial base. Without domestic steel production and domestic steel workers, our nation is less strong and less secure."
He added that US steel companies had faced "unfair" trade practices as foreign companies dumped steel on global markets at artificially low prices, "leading to job losses and factory closures in America".
"I have taken decisive action to level the playing field for American steelworkers and steel producers by tripling tariffs on steel imports from China."
Reporting by Frank Prenesti for Sharecast.com
