US Steel CEO rips Biden's 'shameful' move blocking sale

U.S. Steel’s president and CEO declared President Biden’s decision to block the company from being acquired by the Japanese corporation Nippon Steel “shameful” and “corrupt” in a Friday afternoon statement.

“President Biden's action today is shameful and corrupt. He gave a political payback to a union boss out of touch with his members while harming our company's future, our workers, and our national security,” David Burritt posted on social platform X, claiming the president was indebted to United Steelworkers President David McCall.

“He insulted Japan, a vital economic and national security ally, and put American competitiveness at risk. The Chinese Communist Party leaders in Beijing are dancing in the streets. And Biden did it all while refusing to even meet with us to learn the facts,” he added.

The deal has been under review by the Committee on Foreign Investment in the United States for more than a year, as members weighed the potential risks and benefits of a massive shift impacting the country’s steel industry.

Biden announced Friday he would block the deal, citing national security risks and the blow to global competitiveness as a deciding factor.

“We need major U.S. companies representing the major share of U.S. steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden stated. 

“As a committee of national security and trade experts across the executive branch determined, this acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains,” he added.

“So, that is why I am taking action to block this deal.”

President-elect Trump has also spoken out against the deal lauding the same rhetoric with strong support from labor groups.

However, Burritt said the decision would hinder America’s prospects in the steel labor industry, regressing years of progress. Groups of U.S. Steel employees have also backed the transaction.

“Our employees and communities deserve better. We needed a President who knows how to get the best deal for America and work hard to make it happen,” Burritt wrote. 

“Make no mistake: this investment is what guarantees a great future for U.S. Steel, our employees, our communities, and our country. We intend to fight President Biden's political corruption.”