U.S. Steel Rips ‘Shameful And Corrupt’ Biden For Blocking Sale Of Company

U.S. Steel slammed President Joe Biden in a statement on Friday for blocking the sale of the company to Japanese manufacturing giant Nippon Steel.

“President Biden’s action today 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 “insulted Japan, a vital economic and national security ally, and put American competitiveness at risk.”

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.”

Statement from David B. Burritt, President and CEO, on Today’s Order by President Biden.https://t.co/85iuRNiCAM pic.twitter.com/h6rbOgiitW

— U. S. Steel (@U_S_Steel) January 3, 2025

The statement came just hours after Biden announced that he was blocking the sale of the company over concerns about national security and supply chains. Nippon had offered to buy U.S. Steel for $15 billion and said it would invest billions in the U.S. if the sale went through.

“It is my solemn responsibility as President to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad; and it is a fulfillment of that responsibility to block foreign ownership of this vital American company,” Biden said in a statement. “U.S. Steel will remain a proud American company – one that’s American-owned, American-operated, by American union steelworkers – the best in the world.”

He said that the decision was made after a committee of national security and trade experts determined that the “acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains.”

While the United Steelworkers union opposed the proposed sale, U.S. Steel said last week that it hoped Biden would approve the deal.

Biden first came out against the proposed sale in March 2024, three months after it was first announced.

Leif Le Mahieu contributed to this report.