This is a portion of US Steel's Edgar Thomson Plant in Braddock, Pa., on Monday, Dec. 18, 2023. Two companies — the Nippon Steel Corporation and the United States Steel Corporation — involved in a proposed billion-dollar acquisition deal didn’t mince words in a statement Fridaysaying that “Biden has sacrificed the future of American steelworkers for his own political agenda” and that the move was unlawful.
In a joint statement, the two companies said they were, “dismayed by President Biden’s decision ... which reflects a clear violation of due process and the law governing CFIUS . Instead of abiding by the law, the process was manipulated to advance President Biden’s political agenda. The President’s statement and Order do not present any credible evidence of a national security issue, making clear that this was a political decision.
Nippon Steel said it had previously voluntarily committed to various mitigation measures to address any concerns. Those included: Having a majority of the board of directors of U. S. Steel be composed of U.S. citizens; having three independent directors who will be approved by CFIUS; ensuring that key positions such as CEO and CFO will be U.S. citizens; removing any Nippon Steel involvement in trade measures proposed by U. S.
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