Biden Opposes Nippon Steel's $14B U.S. Steel Bid, Citing National Security Concerns While Company Touts China Defense

Japanese steelmaker Nippon Steel defends its proposed $14B acquisition of U.S. Steel, saying it would strengthen "American supply chains and economic defenses against China"

President Biden came out against the deal, saying U.S. Steel should remain American-owned with American workers

Nippon Steel pledges no layoffs or plant closures under its ownership and says no other U.S. steel company can meet the China challenge while meeting antitrust requirements

The United Steelworkers union welcomes Biden's remarks opposing foreign ownership of major U.S. steel manufacturer

Japan's Chief Cabinet Secretary declines to comment on individual company matters but says the U.S.-Japan alliance "has never been stronger"