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Nippon Steel Corporation's (OTC:NISTF) proposed acquisition of United States Steel Corporation (NYSE:X) has raised concerns for Brian Deese, a prominent figure in President Joe Biden's 2024 re-election campaign.
On Wednesday, Deese stated that the administration should scrutinize this deal closely, per a news report by Reuters.
Having led the White House National Economic Council during the initial two years of Biden's presidency and shaping the administration's economic agenda, Deese is currently acting as a "surrogate" in the President's re-election campaign, the report read.
Deese forms part of a selected assembly of politicians and both past and present officials designated to communicate the President's policies and perspectives in the run-up to the November 2024 election.
Also Read: US Steel Transformation Will Lead To Major Value Creation, Says Bullish Analyst
However, he clarified that his comments on the Japanese company's acquisition of U.S. Steel were made in a personal capacity, and he deferred the official response to the White House, according to the Reuters report.
"It is concerning and the announcement raises a set of issues that the administration should and likely will look closely at," he said, as noted by Reuters. "The particulars of this announcement do raise real, legitimate concerns that do need to be looked closely at."
The White House has maintained a cautious stance on the deal, indicating only the possibility of a regulatory review, the report read.
However, the transaction has faced significant backlash from U.S. legislators and the United Steelworkers union.
Notably, the union was not informed prior to the deal's announcement, a step that seems to be mandated by its contract, the report added.
Deese highlighted that the sale should be viewed against the backdrop of a significant manufacturing upsurge in the U.S., triggered by multiple legislative measures enacted during Biden's tenure, per the Reuters report.
Price Action: X shares are trading lower by 0.82% to $47.99 on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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