10:05 AM EDT, 03/14/2024 (MT Newswires) -- US President Joe Biden is expected to say United States Steel ( X ) must remain a locally owned and operated company, media outlets reported Thursday, citing a copy of the statement.

The president will issue a statement on Thursday to oppose the takeover of the company by Japan's Nippon Steel, Reuters reported.

Biden will reportedly say that the country needs to "maintain strong American steel companies powered by American steel workers."

United States Steel ( X ) did not immediately respond to MT Newswires' request for comment.

The company's shares were down nearly 3.2% in recent Thursday trading.

Price: 39.57, Change: -1.29, Percent Change: -3.16