President Joe Biden has announced a decision to block the acquisition of one of the largest American steel producers by a foreign entity. In a statement, he emphasized the importance of maintaining a strong domestically owned and operated steel industry for national security and resilient supply chains.
"As I have said many times, steel production—and the steel workers who produce it—are the backbone of our nation," Biden stated. He highlighted that domestic steel production supports critical sectors like infrastructure, automotive, and defense.
The President expressed concerns over unfair trade practices faced by U.S. steel companies, including foreign entities dumping steel at low prices. To counteract this, he has tripled tariffs on Chinese steel imports and noted that over 100 new steel and iron mills have opened since his tenure began.
Biden stressed the need for major U.S. companies to lead in protecting national interests. "As a committee of national security and trade experts across the executive branch determined, this acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains."
He reiterated his commitment to ensuring that "U.S. Steel will remain a proud American company – one that’s American-owned, American-operated, by American union steelworkers – the best in the world." This action aligns with his dedication to using presidential authority to defend U.S. national security.
"Today’s action reflects my unflinching commitment to utilize all authorities available to me as President to defend U.S. national security," Biden concluded, underscoring his ongoing efforts to protect America's infrastructure and supply chain resilience.
