What is the Nippon-US Steel deal, and why are Trump, Biden, Harris all against it?
The proposed purchase of U.S. Steel by a Japanese firm has created a rare agreeance between opposing political parties, as the Biden Administration, along with presidential candidates Kamala Harris and Donald Trump, all agree that the deal shouldn't take place.
Here's what you need to know about the proposed sale of U.S. Steel to the Nippon Steel Corporation.
What is the Nippon U.S. Steel deal?
In 2023, Nippon Steel Corporation agreed to purchase U.S. Steel for $14.9 billion.
In a press release announcing the deal, Nippon Steel explained it would acquire all of U.S. Steel's stock at $55 per share.
In May, U.S. Steel issued another press release declaring the proposed Nippon Steel - U.S. Steel deal received all non-U.S. regulatory approvals.
What would this deal mean for Pittsburgh?
U.S. Steel has headquarters in Pittsburgh, and the company has vowed to stay in Pittsburgh after the deal goes through.
"Nippon Steel Corporation (will) honor all collective bargaining agreements with United Steelworkers Union as part of commitment to maintaining strong stakeholder relations," read a portion of U.S. Steel's press release. "U.S. Steel (will) retain its iconic name and headquarters in Pittsburgh.
U.S. Steel has roughly 21,000 employees, including between 3,000 and 4,000 in Pennsylvania.
Biden Administration, Kamala Harris, Donald Trump oppose Nippon Steel - U.S. Steel deal
As the White House is working to halt the deal to sell U.S. Steel to Nippon due to economic and national security concerns, both presidential candidates have spoken out against the proposed deal.
According to published reports, Vice President Kamala Harris said she is against the takeover and instead favors supporting American steel companies.
Similarly, former President Donald Trump has gone on record at least twice to voice his objections to the deal.
Trump spoke out in January against Nippon Steel buying U.S. Steel, and did so again in August.
Damon C. Williams is a Philadelphia-based journalist reporting on trending topics across the Mid-Atlantic Region.