President Joe Biden recently made a statement imploring United States Steel Corp., the long-standing metal industry giant, to keep its roots domestic. Amidst advances by Japan’s Nippon Steel Corp. to acquire the Pittsburgh-established U.S. Steel, Biden emphasized the necessity for the company to remain in American hands.
“U.S. Steel has been an iconic American steel company for more than a century, and it is critical for it to persist as an American steel company that is domestically owned and operated,” said Biden. His comments have reportedly caused some fluctuations in U.S. Steel stock during pre-market trading.
The timing of this statement is significant, coinciding with Biden’s campaign in the industrial heartlands of Michigan and Wisconsin. The President’s focus on the steel industry could well be part of a strategy to secure votes in these traditionally manufacturing-focused states ahead of the November election.
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