(Washington, D.C.) - President Joe Biden says U.S. Steel should remain an American-owned company, as Japan-based Nippon Steel is proposing to purchase U.S. Steel for close to 15 billion dollars.

In a statement, the president said that it’s important to maintain strong American steel companies powered by American steelworkers:

“I told our steelworkers I have their backs, and I meant it. U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated."

Republican presidential candidate Donald Trump has also spoken against the proposed acquisition. In addition, the United Steelworkers union is also in opposition, saying foreign ownership could result in cheaper steel dumped here by competitors from other countries, and would jeopardize national security.