• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

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

by January 8, 2025
written by January 8, 2025

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
0 comment
0
FacebookTwitterPinterestEmail

previous post
MAGAfest Destiny? Trump flexes his muscles with repeated talk of American expansionism
next post
Trump eyes an end to new windmill production under second term, says they are ‘driving the whales crazy’

related articles

U.S. foreign tax bill sends jitters across Wall...

May 30, 2025

Amazon taps Xbox co-founder to lead new team...

May 30, 2025

Nvidia results spark global chip rally

May 30, 2025

Boeing to resume airplane deliveries to China next...

May 29, 2025

E.l.f. Beauty to acquire Hailey Bieber skin care...

May 29, 2025

Dick’s Sporting Goods stands by full-year guidance —...

May 28, 2025

Macy’s CEO says retailer will hike some prices...

May 28, 2025

23andMe to delist from Nasdaq, deregister with SEC

May 28, 2025

Walmart fined for shipping realistic toy guns to...

May 28, 2025

Why Trump’s iPhone tariff threat might not be...

May 25, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • It’s official: Vice President Kamala Harris goes over the top and clinches Democratic presidential nomination

    August 2, 2024
  • USAID instructions for fired employees gives them 15 minutes to gather belongings from shuttered DC building

    February 26, 2025
  • Asian shares display mixed performance amidst trade tensions and rate uncertainty

    February 12, 2025
  • Sports gambling takes a toll on Americans’ checkbooks, research shows

    August 26, 2024
  • SCOTUS rules on nearly $2 billion in frozen USAID payments

    March 5, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,735)
  • Investing (624)
  • Stock (775)

Latest Posts

  • Marco Rubio confirmed by Senate to be next secretary of state, becomes first Trump cabinet pick to be approved

    January 21, 2025
  • FLASHBACK: Top Harris campaign aide was key voice in WH push to remove COVID info from tech platforms

    August 27, 2024
  • Lloyd Austin warns against isolationism and insists Ukraine absolutely can win war against Russia

    October 22, 2024

Recent Posts

  • ‘Peace through strength’: Trump and Netanyahu expected to discuss Iran, Hamas at White House meeting

    February 4, 2025
  • Tim Walz’s claims about using IVF to have family aren’t exactly true

    August 21, 2024
  • Trump health secretary nominee RFK Jr survives heated hearings ahead of crucial confirmation votes

    January 31, 2025

Editor’s Pick

  • EXCLUSIVE: Dems to force votes on Medicaid as it becomes sore point in Senate budget fight

    February 20, 2025
  • Retirees ‘stunned’ as market turmoil over tariffs shrinks their 401(k)s

    April 6, 2025
  • Republican military vets in Congress are on a mission to get Hegseth confirmed

    December 11, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.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 © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock