In a written statement, President Biden said it was vital for U.S. Steel to remain a domestically owned and operated American steel company, an implicit rejection of Nippon Steel's $14.1 billion takeover. The deal was under CFIUS review, and the United Steelworkers union welcomed the statement. How the deal began Nippon Steel agreed in December 2023 to pay $55 a share in cash for U.S. Steel, beating a rejected offer from Cleveland-Cliffs. The United Steelworkers union opposed the deal from the start, saying Nippon Steel had not given enough guarantees on jobs and plants. Politics Biden spoke out in an election year, and Pennsylvania, U.S. Steel's home state, was one of the key swing states. Donald Trump also said he would block the purchase.
