Market Reaction to Biden’s Pledge
US Steel (NYSE:X) saw a dip nearing session lows, down by 1.5%, following remarks from US President Joe Biden.
Biden’s Assurance to Steelworkers
In a statement at the United Steelworks headquarters in Pittsburgh, Biden reassured steelworkers that US Steel, an iconic American company for over a century, will remain completely American-owned and operated by American union steelworkers.
Union and Government Opposition
The U.S. Steelworkers union, backed by President Biden, continues to oppose the proposed $14 billion takeover bid by Nippon Steel (OTCPK:NISTF). The deal is undergoing scrutiny by the Committee on Foreign Investment in the United States (CFIUS) and the Department of Justice.
Commitment to American Workers
President Biden reiterated his commitment to American workers during a recent event with Japanese Prime Minister Fumio Kishida, affirming that he stands by his word and will uphold his promises.
