Sen. Mitch McConnell (R-Ky.) argued President Biden is selling out to Big Labor by blocking the sale of U.S. Steel to Japanese-owned Nippon Steel.
“The Biden administration will leave America’s core economic and national-security interests less secure than it found them,” McConnell wrote in an op-ed published in The Wall Street Journal Thursday. “By blocking what could have been a transformational investment in a critical U.S. industry weeks before his term ends, President Biden has saved some of the worst for last.”
Earlier this year, Biden announced he would block the sale, noting the country needs U.S. companies representing the steelmaking industry to “keep leading the fight on behalf of America’s national interests.”
Nippon Steel first announced in December 2023 that it was going to purchase U.S. Steel for roughly $15 billion.
The planned purchase raised concern about what it could mean for outsourcing jobs and for U.S. supply chains.
Labor groups applauded Biden’s decision to block the deal, but businesses gave the president sharp criticism.
McConnell in his op-ed said Biden’s intervention “subordinates” America’s economic interests to organized labor politics.
The Kentucky senator highlighted the thousands of people in his state who are employed by foreign companies. He said they likely wonder what part of their employment constitutes as a national security threat.
“Foreign direct investment enriches American communities and deepens bonds with friends and partners abroad,” McConnell argued.
U.S. Steel and Nippon Steel sued the U.S. government in a last-ditch effort to move forward with the merger. The suit accuses Biden of interfering with the merger review process of political gain with labor groups.
McConnell echoed the criticism of Biden and labor groups in his piece.
“The departing administration chose the short-term whims of Big Labor over the long-term interests of American industry, workers and geopolitics,” he wrote.
McConnell called on President-elect Trump to repair international relations when he takes office shortly.
