Amid US Steel blowback, Biden (and Trump) tread cautiously
Leaders in both parties have been more restrained than some rank-and-file lawmakers — a sign of the countervailing economic and political dynamics at play.
Nippon Steel's $14.1 billion cash offer is nearly double what fellow American steelmaker Cleveland Cliffs offered to pay for U.S. Steel in a merger bid in August. | Hiro Komae/AP
President Joe Biden expressed skepticism Thursday about the sale of one of the country’s leading steel companies to a Japanese buyer, a deal that could emerge as a flashpoint in the 2024 election.
The president “believes the purchase of this iconic American-owned company by a foreign entity — even one from a close ally — appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability,” White House national economic adviser Lael Brainard said yet on the more $14 billion-plus deal, which was announced Monday.
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