US Steel (NYSE:X) neared session lows, down 1.5%, amid remarks from US President Joe Biden that the steelmaker will remain an American company even as Nippon Steel (OTCPK:NISTF) pursues its $14 billion takeover.
“US Steel has been an iconic American company for more than a century, and it should remain totally American,” Biden told steelworkers at the United Steelworks headquarters in Pittsburgh, according to a webcast of the event.
President Biden voiced his opposition to the deal last month and the U.S. Steelworkers union continues to oppose the tie-up; the deal is also under review by CFIUS in the U.S. and the Dept. of Justice.
Biden reiterated that he stands by his commitment to US workers last week at an event with Japanese Prime Minister Fumio Kishida last week at the White House,
“I stand by my commitment to American workers,” Biden said at the press conference outside of the White House. “I’m a man of my word, and I’m going to keep it.”
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