Kamala Harris Says U.S. Steel Should Stay American-Owned

Published On Sep 3, 2024, 12:02 AM

Vice President Kamala Harris announced her opposition to Nippon Steel's $15 billion bid to acquire U.S. Steel during a campaign event in Pittsburgh. She emphasized that U.S. Steel should remain American-owned for national security reasons. The United Steelworkers union has also voiced its opposition, raising concerns about the potential impact on jobs and security. The bid has garnered criticism from both major presidential candidates, and Nippon Steel has expressed confidence that the deal will ultimately benefit both U.S. Steel and the broader American steel industry.

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Stock Forecasts

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Negative

With increasing political resistance towards the acquisition of U.S. Steel by Nippon Steel, and public statements emphasizing national security concerns and job protection, it is likely that this proposed merger will face significant hurdles. Investors should be cautious about U.S. Steel as political dynamics could result in volatile stock performance based on news updates regarding the status of the bid.

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