U.S. Steel CEO appeals to Trump after Biden blocks Nippon deal
President-elect Trump has also opposed Nippon Steel's $15 billion acquisition of U.S. Steel, which President Biden blocked last week.
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.
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