Vice President Kamala Harris has expressed her support for American ownership of United States Steel Corporation (NYSE:X), amidst ongoing foreign acquisition attempts.
What Happened: On Monday, Harris, the Democratic presidential nominee, took to X to voice her opinion on the future of U.S. Steel. She said, “U.S. Steel should remain American-owned and American-operated. It is vital for our nation to maintain strong American steel companies. I will always have the back of America’s steelworkers,” she tweeted.
This comes in the wake of Nippon Steel (OTC:NISTF) (OTC:NPSCY) pledging an additional $1.3 billion investment in two U.S. Steel plants, as part of its $14 billion acquisition bid. The proposed acquisition has been facing opposition from U.S. unions and politicians, including Harris and President Joe Biden.
Why It Matters: The Vice Chairman of Nippon Steel, Takahiro Mori, has been making repeated trips to the United States to continue discussions on the proposed acquisition. Despite facing political opposition and union apprehensions, Nippon Steel remains resolute in its $14.9 billion acquisition of U.S. Steel, according to a previous report.
Earlier this year, U.S. Steel provided first-quarter FY24 guidance, stating that the merger with Nippon Steel would make it the ‘best steelmaker’. However, the company’s EPS for the first quarter was guided below street estimates.
Price Action: On Friday, U.S. Steel shares ended the regular trading session 1.69% lower at $37.91, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
