Biden Opposes Sale of US Steel to Japanese Company

Steel plays a major role in national security, as the main material used in building ships, airplanes, ammunition, and firearms.

A worker leaves U.S. Steel Edgar Thomson Steel Works in Braddock, Pa., on March 10, 2018. Drew Angerer/Getty Images

When the historic American company U.S. Steel announced in December 2023 that it had struck a $14.9 billion deal to sell the company to Japan-based Nippon Steel Corp., Washington politicians immediately spoke of blocking the transaction.

U.S. Sens. Bob Casey (D-Pa.) and John Fetterman (D-Pa.) and Rep. Chris Deluzio (D-Pa.) sent a letter in December 2023 to Treasury Secretary Janet Yellen, chair of the Committee on Foreign Investment in the United States, urging the committee to block the proposed acquisition.