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US President Joe Biden has come out against Nippon Steel’s proposed purchase of US Steel, saying it is “vital” for the “iconic American steel company” to remain “domestically owned and operated”.
“It is important that we maintain strong American steel companies powered by American steel workers,” said Biden in a statement on Thursday.
Biden’s intervention comes one day after the Financial Times first reported that he was preparing to voice concerns about the Japanese group’s proposed $14.9bn acquisition of the Pennsylvania-based steelmaker. It also comes less than a month before Japanese Prime Minister Fumio Kishida is due to arrive in Washington for a state visit.
US Steel’s shares fell 2.5 per cent on Thursday after falling more than 12 per cent on Wednesday.
This is a developing story.
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