Article

2025-01-06 Economy

US Steel Exes Furious that Biden Nixed buyout by Nippon Steel

[DailyWire] "President Biden's action today (I think Biden's action was on 3 January) is shameful and corrupt," said U.S. Steel President and CEO David Burritt. "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."

Burritt said that Biden refused to meet with the company to "learn the facts."

"The Chinese Communist Party leaders in Beijing are dancing in the streets," Burritt said. "We needed a President who knows how to get the best deal for America and work hard to make it happen. 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."
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FWIW, Nippon Steel is a publicly traded company (NISTF) on the OTC. US Steel is also publicly traded (X) on the NYSE. Maybe it is anti competitive but I can't see what the national security issue is as both companies are owned by the general public

Posted by Lord Garth 2025-01-06 00:00 AM|| || Front Page|| [11147 views ] Top

#1 I'm certain the CEO and Board were due bonuses in the deal.

Posted by Skidmark 2025-01-06 01:31|| 2025-01-06 01:31|| Front Page Top

#2 Steel production is still a fundamental industry needed for national defense.

Posted by Procopius2k 2025-01-06 07:17|| 2025-01-06 07:17|| Front Page Top

#3 Does Nippon Steel's bid to buy US Steel threaten national security? Experts weigh in

Nippon Steel says it's suing Biden admin for blocking US Steel acquisition

Posted by Skidmark 2025-01-06 09:09|| 2025-01-06 09:09|| Front Page Top

#4 I used to work for a company that used to use some imported Nippon steel to manufacture parts for Japanese customers in the US. Their quality was much better than similar product manufactured by Repulican and Copperweld Steel, a French company. US Steel is a large producer, but no longer the largest steel producer in the US. Japan is an ally. I think the purchase would have brought needed change to US Steel. Japan is not China.

Posted by Super Hose 2025-01-06 13:50|| 2025-01-06 13:50|| Front Page Top

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