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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 the Nippon's (OTCPK:NISTF) $14 billion planned purchase of US Steel," Yellen said at an IMF press 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 evaluating pushing back the time frame for their $14.1 billion deal amid pushback for the transaction. The steelmakers are expected to say that the deal will close in 2H of 2024. The companies had previously forecast a close in Q2 or Q3.
U.S. Steel (X) shares edged down almost 1% on Tuesday.
President Biden voiced his opposition to the deal last month and the U.S. Steelworkers union continues to oppose the tie-up; the deal also is under review by CFIUS in the U.S. and the Dept. of Justice.
Biden reiterated that he stands by his commitment to US workers last week at an event with Japanese Prime Minister Fumio Kishida last week at the White House,
“I stand by my commitment to American workers,” Biden said at the press conference outside of the White House. "I’m a man of my word, and I’m going to keep it."
More on US Steel
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- United States Steel's Biden Factor: How It Affects A 44% Merger Opportunity
- US Steel Merger Faces Bipartisan Political Backlash
- US Steel shareholders approve Nippon Steel takeover offer
- US Steel ticks lower amid report Nippon Steel completion date may be pushed back