US Vice President and presidential candidate Kamala Harris joined President Joe Biden on Monday in stating that United States Steel Corp. (US Steel) should continue to be owned and operated domestically, adding another obstacle to the proposed sale of the company to Japan-based Nippon Steel Corp.
“US Steel is an historic American company, and it is vital for our nation to maintain strong American steel companies,” Harris said during a Labor Day event with unions in Pittsburgh, home to both US Steel and the United Steelworkers union (USW), which has opposed the sale.
“I couldn’t agree more with President Biden — US Steel should remain American-owned, and American-operated. And I will always have the backs of America’s steelworkers.”
U.S. Steel should remain American-owned and American-operated.
It is vital for our nation to maintain strong American steel companies.
I will always have the back of America’s steelworkers.
— Kamala Harris (@KamalaHarris) September 2, 2024
After Harris’s comments, US Steel stock was down 3.25% in Tuesday morning trading in New York.
The Japanese company has pledged to honor agreements between US Steel and USW, as well as to move its own US headquarters to Pittsburgh, where US Steel is based.
Republican nominee and former President Donald Trump has also called for the transaction to be blocked.
The vice-president’s comments on Monday “make it clear that she understands the crucial role of the steel industry, not only when it comes to safeguarding our national security, but also to ensuring a brighter future for the workers and communities that depend on good, union jobs,” USW leaders said in a statement.
Nippon Steel announced last week an additional $1.3 billion in investments in US Steel’s unionized mills to try and win over the union, which has voiced concerns about longer-term prospects for workers once the current labor agreement expires in 2026.
In addition, Japan’s biggest steelmaker has recently hired former US Secretary of State Mike Pompeo to help with its effort to acquire US Steel.
(With files from Bloomberg)
Source: MINING.COM – Read More
