In a statement released on Friday, U.S. Steel CEO and President declared that President Biden’s decision to prevent the acquisition of the company by Nippon Steel (a Japanese corporation) was “shameful and corrupt”.
“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,” David Burritt posted on social platform X, claiming the president was indebted to United Steelworkers President David McCall.
“He insulted Japan – a vital ally in national security and economics – and put American competition at risk. Beijing’s Communist Party leaders are dancing on the streets. Biden did all this while refusing to meet with us and learn the facts,” said he.
The Committee on Foreign Investment in the United States has been evaluating the deal for more than one year. Members weighed the potential risks and rewards of a massive change impacting the steel industry in the country.
Biden announced on Friday that he would be blocking the deal. He cited national security risks as well as the impact of the deal on global competitiveness.
Biden said, “We need the largest U.S. firms that represent the majority of U.S. Steelmaking Capacity to continue leading the fight for America’s National Interests.”
He added, “As a group of national security experts and trade experts from across the executive branch concluded, this acquisition would put one of America’s biggest steel producers under foreign influence and create a hazard for our national safety and critical supply chains.”
This is the reason I’m taking action to stop this deal.
President-elect Trump also spoke out against the agreement, praising the same rhetoric and receiving strong support from the labor groups.
Burritt, however, said that the decision would have a negative impact on America’s prospects for the steel industry and reverse years of progress. U.S. Steel employee groups have also supported the deal.
“Our employees and our communities deserve better.” Burritt wrote that we needed a president who knew how to negotiate the best deal possible for America and would work hard to achieve it.
“Make no mistakes: This investment guarantees a bright future for U.S. Steel and its employees, as well as our communities and country. We will fight the political corruption of President Biden.”
