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President Biden's recent statement expressing the importance of U.S. Steel remaining domestically owned and operated has raised questions about whether his remarks are empty rhetoric or an attempt to subvert the law. The proposed acquisition of U.S. Steel by Nippon Steel is currently under review by the Committee on Foreign Investment in the U.S. (Cfius), which examines cross-border deals for potential national security risks. However, it is argued that the acquisition poses no such risk and could actually enhance American production capacity and strengthen geopolitical ties with Japan. If President Biden were to take action to stop the acquisition without credible evidence of a national security threat, it would undermine the legitimacy of Cfius and raise concerns about the openness of the U.S. to global investors. [Extracted from the article]

Nippon Steel, a Japanese company, plans to acquire U.S. Steel and has addressed concerns about the acquisition. Nippon Steel has a strong track record of operating in the U.S. and has investments in eight steel companies, employing about 4,000 Americans. They believe that their advanced production technology and research and development will add value to U.S. Steel. Nippon Steel intends to maintain U.S. Steel's name, branding, headquarters, and manufacturing facilities, and they will honor all union contracts and not shift jobs overseas. They see this investment as a reaffirmation of the strength of the U.S. economy and the value of American employees. [Extracted from the article]