Kamala Harris to Advocate for Domestic Ownership of U.S. Steel Corp at Campaign Rally with Joe Biden
Vice President Kamala Harris is set to champion the continued domestic ownership of U.S. Steel Corp during an upcoming campaign rally alongside President Joe Biden. The rally comes in the wake of a White House meeting addressing a hostage situation and ceasefire in Gaza. With the post-Labor Day period proving crucial leading up to the Nov. 5 election, Harris is poised to ramp up voter engagement efforts, especially in key battleground states.
Harris, now leading the Democratic ticket following Biden's withdrawal post-debate in June, is expected to voice her support for steel workers during her Labor Day speech in Pittsburgh. A campaign aide revealed to Multibagger that Harris will underscore the significance of keeping U.S. Steel under domestic control and will reiterate her commitment to American steel workers.
This stance echoes former President Biden's previous remarks from March, where he adamantly stated that U.S. Steel Corp, currently in a $14.9 billion acquisition deal with Japan's Nippon Steel, should remain American-owned. The United Steelworkers union has strongly opposed this acquisition, citing concerns about job security and adherence to existing contract terms.
In response, Nippon Steel has pledged to uphold the union contract until its expiration in 2026 and has guaranteed no layoffs for the duration of the current agreement. Additionally, the Japanese company has increased its investment commitments to $2.7 billion for the modernization of U.S. Steel's aging facilities in Gary, Indiana, and near Pittsburgh, aiming to allay fears of potential mill closures.
Analysis:
Vice President Kamala Harris's support for the domestic ownership of U.S. Steel Corp highlights the ongoing debate surrounding the acquisition deal with Japan's Nippon Steel. The focus on preserving American jobs and protecting the interests of steel workers underscores the importance of maintaining control over key industries within the country. The outcome of this acquisition could have significant implications for the future of U.S. Steel and its workforce, making it a critical issue to follow for both investors and the general public concerned about the impact on the economy and job market.