US Steel chief claims that Biden guilty of corruption
(MENAFN) David Burritt, the CEO of US Steel Corporation, has accused President Joe Biden of making a "politically corrupt" decision by blocking the planned $14.1 billion acquisition of US Steel by Japan’s Nippon Steel. The merger, announced in December 2023, would have involved Nippon Steel assuming $800 million in debt.
Burritt criticized Biden’s actions as damaging to the country’s economic and national security interests, claiming that the decision insulted a “vital economic and national security ally” and jeopardized American competitiveness. He further claimed that the merger’s collapse would benefit Chinese steelmakers. Burritt expressed frustration with the White House’s refusal to meet with US Steel executives, asserting that the company plans to challenge Biden’s decision.
Both US Steel and Nippon Steel condemned the president's move, alleging that it violated due process and the law governing the Committee on Foreign Investment in the United States (CFIUS). They claimed that no credible national security concerns had been presented and that the decision was politically motivated.
The White House, however, published Biden’s order, which cited credible evidence suggesting that the merger could threaten national security. Biden prohibited the transaction, as well as any substantially similar deal between the two companies. The merger had already sparked criticism from both Democratic and Republican lawmakers, including Vice President-elect J.D. Vance.
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