(Bloomberg) -- President Joe Biden reiterated his support for US workers opposed to a Japanese company’s bid to acquire United States Steel Corp., while stopping short of calling again for continued domestic ownership. 

“I stand by my commitment to American workers,” Biden said Wednesday during a joint press conference with Japanese Prime Minister Fumio Kishida at the White House. “I’m a man of my word, and I’m going to keep it.”

Biden was asked about the $14 billion sale of US Steel to Japan’s Nippon Steel Corp. The deal, which Biden opposes, was announced in December and is under review. The transaction highlighted competing goals for the US president in an election year: support for Japan and other Indo-Pacific nations and his pledge to boost domestic manufacturing.

Shares of US Steel rose as much as 1.7% to $42.63 at 2:36 p.m. in New York following Biden’s and Kishida’s remarks — still well below Nippon Steel’s offer price of $55. 

While Biden’s comments don’t indicate a substantial change in his stance, the fate of the deal hinges on whether Nippon Steel can win the support of the union and what powers Biden ultimately has. He refrained from doubling down on his statement last month that the company must be domestically owned and operated, but also didn’t reverse it.

Kishida, for his part, said he hoped the process would unfold positively. Biden, meanwhile, stressed that the US stands by “our commitment to our alliance” with Japan. 

“On the issue that you have raised, we understand that discussions are under way between the parties,” Kishida said, an apparent reference to talks between Nippon Steel and the United Steelworkers union, which opposes the deal.

“We hope that the discussions will be beneficial to both the US and Japan. Japan believes that the US government will proceed with the procedures appropriately and in accordance with the law.”

The transaction is under review by the Committee on Foreign Investment in the United States, or CFIUS, a secretive body typically aimed at adversarial nations like China, rather than allies like Japan. 

United Steelworkers is seeking more worker guarantees — but has left the door open to talks. Still, their campaign against the acquisition has drawn political support, with Biden and Trump opposing the deal along with senators from Ohio and Pennsylvania. US Steel is based in Pennsylvania, a crucial swing state in the 2024 election. 

Biden has not said explicitly whether he’ll seek to block the deal. His statement last month called for US Steel to remain American-owned and American-run. 

It’s not clear when CFIUS will make a decision, but people familiar with the matter have warned it could drag on until late 2024 or even into early next year. It’s not clear whether CFIUS has full authority to block the deal without spurring litigation, the people have said.

--With assistance from Joe Deaux.

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