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The
two steel giants responded hours after Biden on Wednesday
pledged that U.S. Steel would remain a "totally American
company," repeating his opposition to the deal.
"And that's going to happen, I promise you," Biden told the
supportive crowd during an event in Pittsburgh.
U.S. Steel Corp has agreed to be bought by Nippon Steel for
$14.9 billion, but the deal has been described as being on life
support since the Democratic president announced his opposition
last month.
"The partnership between U.S. Steel and Nippon Steel is the
right combination to ensure that U.S. Steel remains an iconic
American company for generations to come," the steelmakers said
in a joint statement.
"Its iconic name will be unchanged, and its products will remain
mined, melted and made in America," the statement said, adding
that jobs and plants would be protected.
The partnership would also strengthen the U.S. steel industry's
resilience against threats from China and support the "crucial"
U.S.-Japan alliance, the companies said.
United States Steel shares closed down 2.9% at $39.13 on
Wednesday. Nippon Steel shares were trading up 1.05% at 3,468
yen on Thursday morning in Tokyo.
Biden was in Pittsburgh ahead of November's presidential
election, and he used a visit to the headquarters of the United
Steelworkers union to push for higher tariffs on Chinese metal
imports and new investigations into their trade practices.
A senior administration official briefing reporters ahead of
that announcement declined to say whether Biden would use the
levers of government to block the deal from going through.
"Nothing new to add," said the official, who declined to be
named.
"Let's keep U.S. Steel in America," a woman among the
steelworkers shouted to Biden during a meet-and-greet.
"Guaranteed," Biden replied.
(Reporting by Steve Holland, Costas Pitas and Mariko Katsumura;
Writing by Susan Heavey and Trevor Hunnicutt; Editing by Caitlin
Webber, Chang-Ran Kim and Tom Hogue)
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