Juicecack
Update at 6:30pm: Harris adds comments.
Vice President Kamala Harris said that U.S. Steel (New York Stock Exchange:X) must remain locally owned and operated during a visit to Pittsburgh on Monday, a potential issue for Nippon Steel’s (OTCPK: NISTF) planned $14 billion deal.
Harris made Comments made at a Labor Day union event in Pittsburgh. Pittsburgh is the headquarters of U.S. Steel (X) and the United Steel Workers union, which has been vocal in its opposition to the deal.
“U.S. Steel is a historic American company, and it is vital to our nation that we maintain strong American steel companies,” Harris said at a news conference. It happened in Pittsburgh on Monday evening. “I completely agree with President Biden. U.S. Steel must remain American-owned and American-run. And I will always support America’s steel workers.”
President Joe Biden has said for months that he opposes the $14 billion acquisition of U.S. Steel(X), though he has not explicitly called for blocking the deal.
Harris’s comments appear to contrast with those of her running mate, Minnesota Gov. Tim Walz, who reportedly told a top Nippon Steel (OTCPK:NISTF) official in June that he supported the deal. The comments came before Walz became Harris’ running mate.
“We remain committed to the deal with Nippon Steel, which is the best deal for our employees, shareholders, communities and customers,” a U.S. Steel spokesperson told Seeking Alpha in a statement. “Partnering with Nippon Steel, a longtime investor in the United States from our close ally Japan, will strengthen the U.S. steel industry, American jobs and American supply chains, and enhance the U.S. steel industry’s competitiveness and resilience in the face of China. In Pennsylvania alone, U.S. Steel employs nearly 4,000 hard-working men and women — and this is the best deal for them and the communities where they live.”
Harris is not the only presidential candidate who has opposed the massive steel deal. Last month, former President Donald Trump said he would block the deal if he won the top job in the United States.
At a campaign rally in Pennsylvania last month, Trump said: “I will stop Japan from buying American steel. They shouldn’t be allowed to buy it. We have to make it work. Nobody wants to sell American steel.”
Harris’ comments in Pittsburgh come just days after Nippon Steel (OTCPK: NISTF) unveiled additional investments in projects to be undertaken at U.S. Steel’s (X) Mon Valley Works and Gary Works facilities, pledging $1.3 billion in investments in U.S. Steel plants.
“Nippon Steel’s announcement of its plan to invest approximately $1.3 billion in facilities represented by the U.S. Steel union, in addition to the $1.4 billion capital commitment it previously announced, is further evidence of its steadfast commitment to U.S. Steel and all of our stakeholders,” U.S. Steel CEO David P. Burritt said in a statement Monday.