U.S. Vice President Kamala Harris, the Democratic presidential candidate, is poised to oppose Nippon Steel’s bid to acquire U.S. Steel. Based in Pittsburgh, Pennsylvania, U.S. Steel was established in 1901 following John Pierpont Morgan’s acquisition of Carnegie Steel from Andrew Carnegie, symbolizing a key pillar of the American steel industry.
Reports indicate that Harris is expected to advocate for keeping U.S. Steel American-owned during a Monday campaign event in Pittsburgh on Labor Day.
A Harris campaign official stated, “[Harris plans to] stress her commitment to always have the backs of American steelworkers.” Pennsylvania is one of the swing states in the upcoming election, part of the Rust Belt industrial region near the Great Lakes that has seen economic decline.
President Joe Biden will also join Harris for the Pittsburgh campaign, marking their first joint rally. Biden, the Democratic presidential candidate until July, publicly opposed Nippon Steel’s acquisition in March, asserting that U.S. Steel “is vital for our nation to maintain strong American steel companies.”
Harris’s rally with Biden in Pittsburgh, where she will outline her opposition to the sale of U.S. Steel, appears to be a strategic move to attract the labor votes, which are crucial in determining the outcome in Pennsylvania.
Republican presidential candidate and former President Donald Trump also oppose U.S. Steel’s sale.
During a campaign event at a factory in York, Pennsylvania, on August 19th, Trump highlighted that U.S. Steel was once the greatest company in America and vowed to prevent Japan from purchasing it.
Nippon Steel proposed acquiring U.S. Steel for $15 billion last December.
Nippon Steel proposed acquiring U.S. Steel for $15 billion last December. Although U.S. Steel shareholders have largely supported the proposal, the acquisition faces significant hurdles due to political opposition and resistance from the United Steelworkers (USW).
