Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
US-backed Gaza aid group launches bold new system...
Biden doctor pleads the Fifth in speedy House...
Watchdog backs Rubio’s sanctions on UN official over...
Trump taps Sean Duffy to serve as interim...
Trump cautioned Putin he would ‘bomb the s—‘...
I worked for the most successful third party...
‘Gut check time’: Dissent among Senate GOP ranks...
New book reveals what Obama and ‘conqueror’ Trump...
Trump had very unexpected convo with Obama at...
10 reasons the DOJ and FBI face backlash...
  • 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

Over 3 million on Social Security may wait...

January 30, 2025

Boeing strike ends after machinists approve new labor...

November 6, 2024

AI that can match humans at any task...

March 19, 2025

Art created autonomously by AI can’t be copyrighted,...

March 21, 2025

Super Micro’s $50 billion stock collapse underscores risk...

November 2, 2024

Rules for repaying Social Security benefits are about...

March 11, 2025

‘People are stretched’: Average consumer now carries $6,329...

August 9, 2024

Restaurants fight back against the FTC crackdown on...

August 27, 2024

Lululemon sues Costco over selling alleged dupes

July 2, 2025

Home prices hit record high in June on...

August 30, 2024

Recent Posts

  • US-backed Gaza aid group launches bold new system to deliver food directly to families
  • Biden doctor pleads the Fifth in speedy House closed-door interview
  • Watchdog backs Rubio’s sanctions on UN official over ‘shameful efforts’ targeting US, Israel
  • Trump taps Sean Duffy to serve as interim NASA chief
  • Trump cautioned Putin he would ‘bomb the s—‘ out of Moscow if Russia invaded Ukraine, new book claims

    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 (819)
    • Investing (2,497)
    • Politics (3,095)
    • 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.