US Steel President and CEO David Burritt has criticized President Biden’s decision to block a major steel acquisition deal with Nippon Steel, calling it “shameful” and “corrupt.” The deal was under review by the Committee on Foreign Investment in the United States for over a year before being blocked.
Biden cited national security risks and global competitiveness concerns as reasons for blocking the deal. However, Burritt argued that the decision would hinder America’s prospects in the steel industry and regress years of progress made by U.S. Steel employees.
The US Steel CEO also accused Biden of giving a “political payback” to United Steelworkers President David McCall, who is a supporter of Biden. Burritt stated that the deal was essential for U.S. Steel’s future, its workers, and national security, and vowed to fight President Biden’s decision.
Despite President-elect Trump’s support for the deal, many US Steel employees have backed the transaction. The company claims that the investment would guarantee a great future for itself, its employees, communities, and country.
Source: https://thehill.com/business/5066681-us-steel-ceo-blasts-biden-decision