US Steel CEO Alleges Corruption by Biden
David Burritt’s comment followed the decision of the outgoing US president to prevent Japan’s Nippon Steel from acquiring the steelmaker. Read Full Article at RT.com.
TroibNews 
David Burritt’s comments were prompted by the outgoing US president's decision to block Japan’s Nippon Steel from acquiring the steelmaker.
The CEO of US Steel Corporation, David Burritt, has criticized outgoing US President Joe Biden for making a “politically corrupt” choice that undermines the nation’s economic standing by halting the planned acquisition by Nippon Steel.
This acquisition, which was agreed upon in December 2023, involved the Japanese firm intending to pay approximately $14.1 billion and take on about $800 million in debt.
In a statement issued on Friday, Burritt declared that “President Biden’s action today is shameful and corrupt.” He pointed out that the administration's rejection of the Japanese company’s proposal has disrespected a “vital economic and national security ally” and “put American competitiveness at risk.” Burritt argued that the failure of the merger benefits Chinese steel companies.
“Biden did it all while refusing to even meet with us to learn the facts,” he expressed, emphasizing that US Steel plans to “fight President Biden’s political corruption.”
In a separate joint statement released on the same day, US Steel Corporation and Nippon Steel Corporation claimed that the president’s action constitutes a “clear violation of due process and the law governing” the Committee on Foreign Investment in the United States.
“The process was manipulated to advance President Biden’s political agenda,” the two companies stated. They went on to accuse the administration of not providing “credible evidence of a national security issue, making clear that this was a political decision.”
Both companies believe the merger would have revitalized the American steel industry and enhanced its competitiveness against Chinese firms.
Earlier, the White House disclosed Biden’s order, wherein he asserted that “there is credible evidence that leads me to believe that Nippon Steel Corporation… through the proposed acquisition by the Purchasers of United States Steel Corporation… might take action that threatens to impair the national security of the United States.”
The outgoing president emphasized that the proposed transaction “is prohibited, and any substantially similar transaction between the Purchasers and U.S. Steel… is also prohibited.”
When the merger was initially announced in December 2023, it faced backlash from lawmakers across the political spectrum, including Vice President-elect J.D. Vance.
Alejandro Jose Martinez for TROIB News
The CEO of US Steel Corporation, David Burritt, has criticized outgoing US President Joe Biden for making a “politically corrupt” choice that undermines the nation’s economic standing by halting the planned acquisition by Nippon Steel.
This acquisition, which was agreed upon in December 2023, involved the Japanese firm intending to pay approximately $14.1 billion and take on about $800 million in debt.
In a statement issued on Friday, Burritt declared that “President Biden’s action today is shameful and corrupt.” He pointed out that the administration's rejection of the Japanese company’s proposal has disrespected a “vital economic and national security ally” and “put American competitiveness at risk.” Burritt argued that the failure of the merger benefits Chinese steel companies.
“Biden did it all while refusing to even meet with us to learn the facts,” he expressed, emphasizing that US Steel plans to “fight President Biden’s political corruption.”
In a separate joint statement released on the same day, US Steel Corporation and Nippon Steel Corporation claimed that the president’s action constitutes a “clear violation of due process and the law governing” the Committee on Foreign Investment in the United States.
“The process was manipulated to advance President Biden’s political agenda,” the two companies stated. They went on to accuse the administration of not providing “credible evidence of a national security issue, making clear that this was a political decision.”
Both companies believe the merger would have revitalized the American steel industry and enhanced its competitiveness against Chinese firms.
Earlier, the White House disclosed Biden’s order, wherein he asserted that “there is credible evidence that leads me to believe that Nippon Steel Corporation… through the proposed acquisition by the Purchasers of United States Steel Corporation… might take action that threatens to impair the national security of the United States.”
The outgoing president emphasized that the proposed transaction “is prohibited, and any substantially similar transaction between the Purchasers and U.S. Steel… is also prohibited.”
When the merger was initially announced in December 2023, it faced backlash from lawmakers across the political spectrum, including Vice President-elect J.D. Vance.
Alejandro Jose Martinez for TROIB News
