But the arguments failed to convince Biden, who had come out in opposition to the deal early last year.
The transaction was also criticised by President-elect Donald Trump and the incoming vice-president, JD Vance.
The US government panel charged with reviewing the deal for national security risks failed to reach a consensus by late December, leaving the decision to Biden, who was required to act within a 15-day deadline.
In his announcement on Friday he said maintaining US ownership was important to keeping the US steel industry and it supply chains strong.
“As I have said many times, steel production – and the steel workers who produce it – are the backbone of our nation,” he said.
“That is because steel powers our country: our infrastructure, our auto industry, and our defense industrial base. Without domestic steel production and domestic steel workers, our nation is less strong and less secure.”
The United Steelworkers union called the decision the “right move for our members and our national security”, saying its opposition had been driven by concerns about the long-term viability of its industry.
“We’re grateful for President Biden’s willingness to take bold action to maintain a strong domestic steel industry and for his lifelong commitment to American workers,” President David McCall said.
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