The director of the US National Economic Council, Lael Brainard, says President Joe Biden’s administration will review the proposed sale of US Steel to Nippon Steel, Kallanish learns.
“The purchase of this iconic American-owned company by a foreign entity—even one from a close ally—appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability,” states Brainard.
The United Steelworkers union is expressing its support for a review by federal authorities.
“The USW welcomes Brainard’s statement and the administration’s assessment that the announced sale of US Steel to Japanese-owned Nippon Steel deserves ’serious scrutiny’ to determine its larger implications for our national security and critical supply chains,” says David McCall, USW’s international president, in the union’s official statement.
Brainard highlights Biden’s efforts to thwart unfair practices in the international steel trade on behalf of US producers. She credits the USW with helping to support these measures.
“President Biden has taken action to protect the US steel companies against unfair and market-distorting trade practices in China and other countries. The USW has been a leader in all of these efforts, and are an example of why union leadership is critical in building the economy from the middle out and bottom up,” notes Brainard.
The USW statement applauds the White House’s support for the USW workers.
“Brainard also rightly highlighted the continuing role that the steel industry and its workforce play in safeguarding our nation, and we agree that our nation’s security interests must remain paramount. The USW appreciates that the White House is taking a larger view, demonstrating once again the president’s unwavering commitment to domestic workers and industries,” McCall emphasises.
Kristen DiLandro USA
