U.S. Steel CEO responds to Biden's blockade of Nippon Steel's acquisition of U.S. Steel by calling it 'shameful and corrupt' and 'a delight for the Chinese Communist Party leadership'
President Joe Biden, who has long expressed concerns about
Statement from President Joe Biden | The White House
https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/03/statement-from-president-joe-biden-13/
President Biden orders ban on Nippon Steel's planned acquisition of US Steel | NHK | President Biden
Statement from David B. Burritt, US Steel President and CEO, on Today's Order by President Biden - www.ussteel.com
https://www.ussteel.com/newsroom/-/blogs/statement-from-david-b-burritt-us-steel-president-and-ceo-on-today-s-order-by-president-biden-
Nippon Steel Corporation and U. S. Steel Condemn US Government's Unlawful Decision to Block Proposed Acquisition of U. S. Steel - www.ussteel.com
https://www.ussteel.com/newsroom/-/blogs/nippon-steel-corporation-and-us-steel-condemn-us-government-s-unlawful-decision-to-block-proposed-acquisition-of-us-steel
U.S. Steel to Fund Training Center with Multi-Million-Dollar Grant Following Close of Transaction with Nippon Steel - www.ussteel.com
https://www.ussteel.com/newsroom/-/blogs/us-steel-to-fund-training-center-with-multi-million-dollar-grant-following-close-of-transaction-with-nippon-steel
Nippon Steel's acquisition of U.S. Steel was announced in December 2023 for $14.1 billion in cash and approved at the shareholders' meeting in April 2024.
However, President Biden, who is in power, expressed his opposition to the acquisition plan, saying, 'US Steel is a steel company that symbolizes America, and it is important that it is an American company.' In the US presidential election held in November 2024, President Biden's rival candidate Donald Trump also pledged to 'block the sale of US Steel to Nippon Steel,' so it was certain that the acquisition plan would face difficulties.
On January 3, 2025 local time, President Biden formally announced that he would 'move to block the acquisition plan.' In a statement, President Biden described the steel industry as 'a key national security priority and essential to a resilient supply chain,' and said, 'It is my solemn responsibility as President to prevent foreign ownership of American companies.'
Meanwhile, U.S. Steel CEO and Chairman John Britt issued the following statement:
'President Biden's statements are shameful and corrupt. He has damaged the future of our companies, our workers and our national security while giving political rewards to the head of a union that has no connection to its members. He has insulted a vital economic and national security ally, Japan, and endangered America's competitiveness. The Chinese Communist Party leadership in Beijing will be dancing in the streets. And he has done all this while refusing to meet with us to get the facts.
Our workers and communities deserve more. We needed a president who would find a way to get the best deal for America and work to get it done. Make no mistake, this plan will ensure a great future for U.S. Steel, our workers, our communities and our country. We will fight President Biden's political corruption.'
Nippon Steel and U.S. Steel issued a joint statement saying they 'have no choice but to take all appropriate action to defend our legal rights.'
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