President Biden blocked the proposed $14 billion acquisition of U.S. Steel by Nippon Steel, citing national security concerns. Former Secretary of State Mike Pompeo, who advised Nippon Steel on the deal, criticized the decision, arguing that it was politicized.
Former Secretary of State Mike Pompeo defended the proposed $14 billion deal for Nippon Steel to acquire U.S. Steel and urged President-elect Donald Trump to support the deal ahead of President Biden's decision to block the acquisition.
On Friday, Biden announced that he would block the deal on national security grounds, saying in a statement that a 'strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains.' Pompeo, who Nippon Steel hired last year to advise on the deal, said in an appearance Thursday on FOX Business Network's 'Kudlow' prior to the White House decision that, 'Unfortunately, that committee that was responsible for evaluating national security risks became politicized.' 'Instead of just looking at national security risks, of course there's none – it's an ally, Japan, that's going to invest in America, make steel here in America, build in America,' Pompeo said. Pompeo added that while he hoped Biden would allow the deal to go forward, if the White House were to block the deal that he hoped that the incoming Trump administration, which has also expressed opposition to the deal, would 'reconsider for the workers of Pennsylvania, who nearly all favor this transaction moving forward, everybody but the senior union liberal leadership… It's good for the community and the Mon Valley.' The president's decision comes after U.S. Steel CEO David Burritt warned that if the firm's acquisition by Nippon Steel fell through, the company would likely close steel mills in Pennsylvania's Monongahela Valley and Gary, Indiana, that had been slated to receive a multibillion-dollar upgrade with cash infused by Nippon following the completion of the sale. 'We wouldn't do that if the deal falls through,' Burritt told The Wall Street Journal in an interview. 'I don't have the money'
US STEEL NIPPON STEEL BIDEN NATIONAL SECURITY MERGER
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden Blocks Nippon Steel's Acquisition of U.S. SteelPresident Biden rejected Nippon Steel's bid to acquire U.S. Steel, citing national security concerns. The Committee on Foreign Investment in the United States (CFIUS) feared that the deal could lead to reduced steel production, potentially harming industries vital to national security. Despite strong support from U.S. Steel shareholders, Biden's decision reflects his long-standing opposition to the deal.
Read more »
Biden Blocks Nippon Steel's US Steel AcquisitionPresident Biden blocked Nippon Steel's proposed acquisition of U.S. Steel, citing national security concerns. The Committee on Foreign Investment in the United States (CFIUS) was worried that the deal could lead to reduced production capacity at U.S. Steel, potentially causing supply shortages and delays affecting critical industries. Despite U.S. Steel's assurances regarding its headquarters and board composition, Biden ultimately rejected the deal.
Read more »
Biden Blocks US Steel Sale to Japan's Nippon SteelPresident Biden has decided to block the $14.1 billion acquisition of US Steel by Japan's Nippon Steel, citing national security concerns.
Read more »
Biden Blocks Nippon Steel's U.S. Steel Takeover BidPresident Biden blocked Nippon Steel's takeover bid of U.S. Steel, citing national security concerns. Tesla shares dropped after reporting a decline in annual deliveries, while bitcoin surged 3% after a dip at the end of the previous year.
Read more »
Biden Blocks Nippon Steel's Takeover Bid of U.S. SteelU.S. President Joe Biden has blocked Nippon Steel's $14.9 billion takeover bid of U.S. Steel citing national security concerns. Shares of Tesla fell after the company reported its first drop in annual delivery numbers.
Read more »
Biden Blocks Nippon Steel's Takeover of US Steel, Tesla Shares Drop on Delivery DeclineU.S. President Joe Biden is blocking Nippon Steel's $14.9 billion bid to acquire U.S. Steel, citing national security concerns. Meanwhile, Tesla shares fell after reporting their first annual drop in deliveries.
Read more »