U.S. Steel's president and CEO said in a statement Friday afternoon that President Biden's decision to block the company's acquisition by Japanese company Nippon Steel is “shameful” and “corrupt.” he declared.
“President Biden’s actions today are shameful and corrupt. He is harming the future of our company, our employees, and our national security while offering political paybacks to union bosses who are out of touch with their members. “We gave,” David Britt said. Posted On social platform X, the president claimed to be indebted to United Steelworkers President David McCall.
“He insulted Japan, a key economic and national security ally, and endangered America's competitiveness. Chinese Communist Party leaders in Beijing are dancing in the streets. And Biden knows the facts. He did all that while refusing to even meet with us for the sake of his actions.”
The deal has been under review by the Foreign Investment Committee for more than a year, with members weighing the potential risks and benefits of the sweeping changes affecting the country's steel industry.
Biden announced Friday that he would block the deal, citing national security risks and damage to global competitiveness as deciding factors.
“To continue to lead the fight on behalf of America's national interests, we need America's largest companies, which account for a major share of America's steel production capacity,” Biden said.
He added, “As determined by a committee of national security and trade experts from across the executive branch, this acquisition places one of the largest steel producers in the United States under foreign control and poses a national security threat.'' and pose risks to critical supply chains.”
“That is why I am taking action to block this transaction.”
President-elect Trump praised the same rhetoric and voiced his opposition to the deal, with strong support from labor groups.
But Britt said the deal would hamper America's prospects in the steel labor industry and reverse years of progress. U.S. Steel employee groups also support the deal.
“Our employees and communities deserve better. We needed a president who knows how to get the best deal for America and will work hard to make it happen,” Britt said. he wrote.
“Make no mistake about it. This investment ensures a great future for U.S. Steel, our employees, our communities, and our country. We will fight against President Biden's political corruption.”
