Harris Opposes US Steel’s Buyout by Nippon Steel

SEATTLE (Scrap Monster): Vice President Kamala Harris, in a joint Pennsylvania campaign event with President Joe Biden, said that U.S. Steel should remain domestically owned. Opposing the sale of the steel major to Japanese Nippon Steel, she highlighted that it is vital for the nation to maintain strong American steel companies.

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Harris said that U.S. Steel should remain American-owned and American-operated. This is the first time that she has made open comments about the dispute over the proposed sale of the steelmaker to Japan’s largest steelmaker. Harris’ remarks are in line with Biden’s stance that the sale of U.S. Steel would badly hurt the country’s steelworkers. It should be noted that the Republican Presidential candidate Donald Trump too had pledged to block the buyout deal.

As agreed by the companies, U.S. Steel would retain its name as well as its headquarters in Pennsylvania. Recently, Nippon Steel had committed additional investment of $1.3 billion in U.S. Steel mills, as part of its efforts to secure the support of the union.