At a campaign event last month in Pennsylvania, the heartland of American steel manufacturing, U.S. President Joe Biden made clear that he does not want the proposed takeover of U.S. Steel by Nippon Steel to happen.

"We’re finally making sure that United States Steel stays United States Steel,” Biden said. "It’s not going to be anybody else’s steel.”

How that promise will be kept has yet to be determined. U.S. Steel said this week in its first-quarter earnings release that it expected the acquisition to be completed in the second half of this year, but noted that timing depended on getting regulatory approvals.