https://sputnikglobe.com/20250104/us-steel-ceo-calls-bidens-nippon-steel-deal-decision-shameful-corrupt-1121349037.html
US Steel CEO Calls Biden's Nippon Steel Deal Decision 'Shameful, Corrupt'
US Steel CEO Calls Biden's Nippon Steel Deal Decision 'Shameful, Corrupt'
Sputnik International
Outgoing President Joe Biden's decision to block the acquisition of the US's leading steel producer, US Steel Corporation, by Japanese corporation Nippon Steel is "shameful and corrupt", US Steel CEO David Burritt said.
2025-01-04T05:17+0000
2025-01-04T05:17+0000
2025-01-04T05:17+0000
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"President Biden’s action today is shameful and corrupt. He gave a political payback to a union boss out of touch with his members while harming our company’s future, our workers, and our national security. He insulted Japan, a vital economic and national security ally, and put American competitiveness at risk," Burritt said in a statement. He said his company needed a President who knows how to work hard to get the best deal for the United States. Biden on Friday prohibited the $14.9 billion deal, citing national security concerns. Japanese media reported on Friday that Japan's Nippon Steel Corporation (NSC) will take legal action against the US government over Biden's decision. NSC and US Steel issued a joint statement, condemning the ban. The companies argued that no credible evidence of a national security issue had been provided and that the process was "manipulated" to promote Biden’s "political agenda." The two companies agreed in late 2023 that NSC would acquire US Steel in an all-cash transaction at $55.00 per share. This represents an equity value of approximately $14.1 billion plus the assumption of debt, for a total enterprise value of $14.9 billion.
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outgoing president joe biden's decision to block the acquisition of the us's leading steel producer, us steel corporation, by japanese corporation nippon steel is "shameful and corrupt", us steel ceo david burritt said.
outgoing president joe biden's decision to block the acquisition of the us's leading steel producer, us steel corporation, by japanese corporation nippon steel is "shameful and corrupt", us steel ceo david burritt said.
US Steel CEO Calls Biden's Nippon Steel Deal Decision 'Shameful, Corrupt'
WASHINGTON, (Sputnik) - Outgoing President Joe Biden's decision to block the acquisition of the US's leading steel producer, US Steel Corporation, by Japanese corporation Nippon Steel is "shameful and corrupt", US Steel CEO David Burritt said.
"President Biden’s action today is shameful and corrupt. He gave a political payback to a union boss out of touch with his members while harming our company’s future, our workers, and our national security. He insulted Japan, a vital economic and national security ally, and put American competitiveness at risk," Burritt said in a statement.
He said his company needed a President who knows how to work hard to get the best deal for the United States.
"We needed a President who knows how to get the best deal for America and work hard to make it happen. Make no mistake: this investment is what guarantees a great future for U. S. Steel, our employees, our communities, and our country. We intend to fight President Biden’s political corruption," Burritt said.
Biden on Friday prohibited the $14.9 billion deal, citing national security concerns.
20 December 2024, 08:09 GMT
Japanese media reported on Friday that Japan's Nippon Steel Corporation (NSC) will take legal action against the US government over Biden's decision.
NSC and US Steel issued a joint statement, condemning the ban. The companies argued that no credible evidence of a national security issue had been provided and that the process was "manipulated" to promote Biden’s "political agenda."
The two companies agreed in late 2023 that NSC would acquire US Steel in an all-cash transaction at $55.00 per share. This represents an equity value of approximately $14.1 billion plus the assumption of debt, for a total enterprise value of $14.9 billion.
