“We need major U.S. companies representing the major share of U.S. steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a statement.
From September: Everything you need to know about the Pa. steel deal at the center of the presidential electionon the possible national security risks of the deal last month, and sent a long-awaited report on the merger to Biden. He had 15 days to reach a final decision. A U.S. official familiar with the matter, who spoke on condition of anonymity, told The Associated Press last month that some federal agencies represented on the panel were skeptical that allowing a Japanese company to buy an American-owned steelmaker would create national security risks.
On Friday, Steelworkers President David McCall said the union is grateful for Biden’s move to block the sale and called it the “right move for our members and our national security.” McCall insisted that U.S. Steel has the financial wherewithal to make the company strong and resilient. The announcement came during a tide of renewed political support for rebuilding America’s manufacturing sector and followed a long stretch of protectionistNippon Steel waged a public relations campaign to win over supporters, even offering $5,000 in closing bonuses to U.S. Steel employees, a nearly $100 million expense.
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