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Biden voices support for workers who are against US Steel sale

Julie Hyman and Josh Lipton

At a press conference with Japanese Prime Minister Kishida Fumio, US President Joe Biden was asked about his opposition to the sale of US Steel (X) to Nippon Steel (NPSCY, 5401.T).

Biden responded by saying, "I stand by my commitment to American workers. I'm a man of my word. I'm going to keep it. And, with regard to that, I stand by our commitment to our alliance." Biden had previously released a statement voicing opposition to the deal. He joins the US Steelworkers union, which is also against it.

Yahoo Finance's Julie Hyman and Josh Lipton discuss the president's comments.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

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This post was written by Stephanie Mikulich.

Video transcript

JULIE HYMAN: We want to check on shares of US Steel. Now this is one of the winners. Amid the sell off that we're seeing on Wall Street today. The shares up about 1.5%. And President Biden has been hosting Japanese Prime Minister Fumio Kishida. The two are wrapping up a news conference, they wrapped it up a short time ago. President Biden did reiterate his support for American workers. Remember Nippon Steel is waiting to close a deal to acquire US Steel. And President Biden didn't go so far as to explicitly call for domestic ownership of the company.

He has opposed the deal in the past and he said today, I stand by my commitment to American workers. Fumio Kishida the prime minister of Japan saying that he is hopeful that some progress will be made to actually getting this deal done.

JOSH LIPTON: Yeah. Biden walks a fine line here because he wants to show his support for Japan, which is a very important ally. He also wants to show, though support for those union workers in that key state of Pennsylvania. And they have voiced their opposition to this deal they want more, it sounds worker guarantees. So--

JULIE HYMAN: Exactly.

JOSH LIPTON: --it's become a political football. And of course, Trump and you have senators from Ohio and Pennsylvania, they've also weighed in opposing the deal. Now under CFIUS review, so we'll see where that leads doesn't sound like we have a hard date yet for when we get that.

JULIE HYMAN: And I'm keeping an eye on my inbox for any response to any of this from the United steelworkers. But they have not yet commented on today's press conference. So we shall see.