Democratic presidential candidate Kamala Harris emphasized the importance of maintaining domestic control over steel production, even if it results in job losses.
What Happened: Harris stated during an interview with MSNBC, that keeping American manufacturing of steel by American workers is crucial.
"It's most important that we maintain America's ability to have American manufacturing of steel by American workers," Harris said.
"An American company manufacturing that steel for those new industries is going to be critically important, not only in terms of our economy, but also in the context of national security," Harris continued.
This comes in response to a proposed $14.1 billion deal for Nippon Steel Corp. NISTF to acquire United States Steel Corp. X. Harris highlighted her economic policy, which includes investing in sectors like bio-manufacturing, aerospace, AI, blockchain, and nuclear energy, all requiring domestic steel production.
U.S. Steel CEO David Burritt previously told the Wall Street Journal that the company might have to shut down plants and relocate its headquarters from Pittsburgh if the deal does not go through. However, Harris argued that American-made steel is vital for the economy and national security.
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Harris’ comments are among the most detailed explanations from the Biden administration regarding their stance on the acquisition. She met with steel workers in Pittsburgh, whose union opposes the deal. An arbitration panel recently sided with U.S. Steel in a labor dispute related to the deal, but other hurdles remain, including a review by the Committee on Foreign Investment in the United States.
Why It Matters: The arbitration panel’s decision in favor of Nippon Steel Corp. was a significant development in the $14.9 billion acquisition of United States Steel Corp. The panel, selected by both the company and the United Steelworkers (USW) union, determined that U.S. Steel had met all conditions of the successorship clause in its labor agreement with the USW. Despite this ruling, the union remains opposed to the acquisition.
Earlier this month, Dave McCall, President of the United Steelworkers, expressed strong opposition to the deal. In a memo to the White House, he criticized US Steel executives for attempting to divide union members and retirees to gain personal financial benefits from the acquisition.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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