This April 26, 2010 file photo shows the United States Steel logo outside the headquarters building in downtown Pittsburgh. President-elect Donald Trump is underscoring his intention to block the purchase of US Steel by Japanese steelmaker Nippon Steel Corp., and he’s pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker. Trump said during the campaign that he would “instantaneously” block the deal, and he reiterated that sentiment in a Monday night statement.
Ahead of the November election, the proposed merger carried political importance in Pennsylvania, a critical swing state that Trump eventually won. Biden publicly sided with the United Steelworkers, the labor union, in seeking to reject the deal. “This transaction should be approved on its merits. The benefits are overwhelmingly clear. Our communities, customers, investors, and employees strongly support this transaction, and we will continue to advocate for them and adherence to the rule of law,” US Steel said.
“It’s clear that President Trump understands the vital role a strong domestic steel industry plays in our national security, as well as the importance of the jobs and communities the industry supports,” the union said. US Steel “provided a very, very good life for our families for a lot of years,” said Jack Maskil, a vice president at the Steelworkers local branch in West Mifflin, Pennsylvania. “And we feel that with the Nippon deal that a lot more families for futures to come will be able to share the same.”
The Biden administration committee vetting the merger is scheduled later this month to decide on the acquisition or possibly extend the ongoing review.