The CEO of U.S. Steel blamed President Biden for failing the United States and emboldening foreign adversaries after his administration blocked the proposed $14 billion acquisition of U.S. Steel by Japan-based firm Nippon Steel. U.S. Steel CEO David Burritt told Fox Business correspondent Lydia Hu in an interview Monday that Biden demonstrated to the global community that the U.S. has no regard for the rule of law with his handling of the now-defunct deal.
" Burritt also signaled that if the Mon Valley Works closes, the company would likely look to move its headquarters out of Pittsburgh to a location in the South, where an increasingly large share of the company's production has moved. Nippon Steel and U.S. Steel scolded Biden's decision in a joint statement released Friday, writing that the president's involvement "reflects a clear violation of due process and the law.
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Nippon Steel Extends US Steel Acquisition Deadline as Biden Weighs BlockNippon Steel has pushed back the closing date for its acquisition of U.S. Steel to the first quarter of 2025, from a previous target of late 2024. The decision comes as President Joe Biden considers whether to block the deal, citing concerns about foreign ownership of the company.
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Biden decides to block Nippon Steel's $15 billion acquisition of U.S. Steel: ReportThe White House is expected to announce U.S. President Joe Biden’s decision to block Nippon Steel’s $15 billion takeover bid of U.S. Steel on Friday.
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Biden Expected To Block Nippon Steel's Acquisition of U.S. SteelThe White House is expected to announce President Biden's decision to block Nippon Steel's proposed acquisition of U.S. Steel as early as Friday. The Committee on Foreign Investment in the United States (CFIUS) raised concerns that the deal could pose a risk to national security by potentially reducing U.S. Steel's production capacity. Despite assurances from U.S. Steel regarding the deal's benefits, including maintaining its headquarters in Pittsburgh and a U.S.-based board of directors, Biden has long opposed the transaction.
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Biden to Block $14.3 Billion US Steel Acquisition by Nippon SteelPresident Joe Biden plans to use his executive authority to block the $14.3 billion acquisition of US Steel by Japan's Nippon Steel, citing potential national security risks. The decision, expected on Friday, comes after months of political debate and scrutiny over foreign control of a historically significant American industry.
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Nippon Steel Condemns Biden's Block on US Steel AcquisitionNippon Steel has expressed strong disapproval of President Biden's decision to block its proposed acquisition of United States Steel, alleging political motives and a disregard for the future of American steelworkers.
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