Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Bernie Sanders calls for RFK Jr. to resign...
Top Senate Republican ready to go nuclear, ‘roll...
Altech Batteries LtdCERENERGY Battery 46.7M Euro German Grant...
Altech – CERENERGY Battery 46.7M Euro German Grant...
Locksley Resources LimitedStrengthens Leadership to Accelerate Growth Strategy
Heliostar Presents Second Quarter 2025 Financial Results
Apollo to Proceed with 5-for-1 Share Consolidation
Rhode Island’s ‘Taylor Swift Tax’ on vacation homes...
Former FBI Director Robert Mueller has Parkinson’s disease:...
Earthwise Advertising & Investor Awareness Campaign
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

U.S. Steel CEO appeals to Trump after Biden blocks deal with Japanese firm

by admin January 9, 2025
January 9, 2025
U.S. Steel CEO appeals to Trump after Biden blocks deal with Japanese firm

The chief executive of U.S. Steel appealed directly to President-elect Donald Trump to take a second look at a Japanese company’s $15 billion deal to buy the American steelmaker.

President Joe Biden blocked the deal between U.S. Steel and Nippon Steel on Friday, citing national security concerns after a key business-review panel failed to reach a consensus on whether the acquisition posed any risks. Both companies sued the administration over the decision.

Trump has also opposed Nippon’s purchase of the once-iconic Pittsburgh-based firm and again questioned the proposed sale Monday. But U.S. Steel CEO David Burritt told CNBC on Tuesday that he believes he can appeal to Trump’s business sensibilities.

“We have a new president that will take a fresh look at this. We understand what his current views are, but he’s a smart guy,” Burritt said.

He added that he hopes Trump will “see how this helps make U.S. Steel great again. And frankly, Nippon is going to pay for it,” he said, echoing Trump’s frequent assertions during the 2016 campaign that Mexico would pay for a wall along the U.S. southern border, which never came to pass.

A spokesperson for Trump referred to his earlier comments on the matter. A White House spokesperson reiterated a statement provided to NBC News on Monday night: “President Biden will never hesitate to protect the security of this nation, its infrastructure, and the resilience of its supply chains.”

Since Trump won the election, a deluge of business leaders have visited his Mar-a-Lago resort in Florida as they seek to win favor with the incoming administration, among them Apple CEO Tim Cook, Amazon founder Jeff Bezos, Alphabet CEO Sundar Pichai, Netflix co-CEO Ted Sarandos and Meta CEO Mark Zuckerberg. Trump’s inaugural committee has also received millions in donations from Apple, Amazon, OpenAI, Uber, Meta and some of their executives personally.

Twenty mayors and community leaders in Pennsylvania and Indiana called on Biden to approve the deal in a letter late last month. On the opposite side, the United Steelworkers International union repeatedly pressed Biden to block the deal. It said last week said it had ‘no doubt that it’s the right move for our members and our national security,’ and it praised Biden’s decision Friday.

Burritt said any potential national security concerns about the agreement could be “easily mitigated.” He said Biden had “tainted” the process by making it clear since the deal was announced that he would side with unions and didn’t allow the review to “play out as it is supposed to.”

Burritt, the U.S. Steel chief, also dismissed Biden’s concerns that the company needed to remain American-owned and -operated for national security and supply chain reasons. “In fact, it strengthens national security, it strengthens economic security, it strengthens job security. In fact, it grows the business,” he said.

Burritt declined to speculate on what would happen to U.S. Steel if the company’s lawsuits or the incoming administration don’t change the outcome. “Nobody in the integrated mill space is better than Nippon, and they’re going to do great things for the workers here in Pennsylvania, in Indiana and all the places we do business.”

Nippon Steel has said there is “no reason to need to give up” on its deal. “This is not just the most important matter for our company’s business strategy. I am firmly convinced this is something extremely beneficial for both Japan and the United States,” its chairman and CEO told reporters Tuesday.

Both companies have emphasized in their lawsuits that “never before has a President prohibited an acquisition by a company based in Japan, one of our closest allies.”

This post appeared first on NBC NEWS

previous post
Nvidia’s Jensen Huang is ‘dead wrong’ about quantum computers, D-Wave CEO says
next post
Getty Images to buy Shutterstock as part of $3.7 billion visual content expansion

You may also like

Trader Joe’s recalls 653,000 scented candles due to...

August 16, 2024

Capital One outage drags into Friday afternoon, leaving...

January 18, 2025

DOJ and FTC warn consumers of fraud and...

October 11, 2024

NFL’s next big media rights payday is years...

September 6, 2024

As his feud with Trump reignites, Musk’s business...

July 3, 2025

Disney rolls out line-skipping park passes costing up...

October 18, 2024

How Foot Locker is waging a comeback after...

September 24, 2024

Judge blocks Albertsons-Kroger $25 billion supermarket merger

December 12, 2024

Retailers shift their thinking on delivery as consumer...

July 25, 2024

X sees major outages as Musk claims ‘massive...

March 12, 2025

Recent Posts

  • Bernie Sanders calls for RFK Jr. to resign as HHS secretary over vaccine policies: ‘Rally the American people’
  • Top Senate Republican ready to go nuclear, ‘roll over’ Democrats with rule change to confirm Trump nominees
  • Altech Batteries LtdCERENERGY Battery 46.7M Euro German Grant Approval
  • Altech – CERENERGY Battery 46.7M Euro German Grant Approval
  • Locksley Resources LimitedStrengthens Leadership to Accelerate Growth Strategy

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (903)
    • Investing (2,877)
    • Politics (3,527)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.