WASHINGTON –
At a campaign event last month in Pennsylvania, the heart of US steel production, US President Joe Biden made clear that he does not want the proposed takeover of US Steel by Japan’s Nippon Steel to go ahead.
“We’re finally making sure that United States Steel remains United States Steel,” Biden said. “It won’t be someone else’s steel.”
How that promise will be fulfilled has yet to be determined. US Steel said in its first-quarter earnings release this week that it expected the acquisition to close in the second half of this year, but noted that the timing was dependent on receiving regulatory approval.
