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U.S. Treasury Secretary Janet Yellen said she accepts President Joe Biden’s view that U.S. Steel (NYSE:X) should remain in American hands.
“I certainly accept” Biden’s view on Nippon’s (OTCPK:NISTF) plan to buy US Steel for $14 billion,” Yellen told an International Monetary Fund news conference on Tuesday, according to headlines from Bloomberg and Reuters.
The comments come after a Bloomberg report on Friday that US Steel and Nippon Steel are considering pushing back the timing of their $14.1 billion deal due to resistance to the transaction. The steelmakers are expected to say the deal will close in the second half of 2024. The companies had previously expected a close in the second or third quarter.
US Steel (X) shares. fell by almost 1% on Tuesday.
President Biden expressed his opposition to the deal last month, and the U.S. Steelworkers union continues to oppose the deal; the agreement is also being studied by CFIUS in the United States and by the Department of Justice.
Biden reiterated his commitment to American workers last week at an event with Japanese Prime Minister Fumio Kishida at the White House,
“I remain true to my commitment to American workers,” Biden said in the press conference outside the White House. “I am a man of my word and I will keep it.”