Posts tagged Committee on Foreign Investment in the United States
US Steel Boss: Biden’s Block of Sale Shameful, Corrupt
January 5, 2025 // Pres. Trump Sees China as #1 Threat, See More Here Home | Newsfront Tags: bien | steel | sale | corruption US Steel Boss: Biden's Block of Sale Shameful, Corrupt By Michael Katz | Friday, 03 January 2025 07:51 PM EST facebook sharing buttontwitter sharing buttonlinkedin sharing button Comment|Print| A A David Burritt, the president and CEO of U.S. Steel, said Friday that President Joe Biden’s decision to block the company’s sale to a Japanese rival was “shameful” and “corrupt.” Biden’s long-awaited decision on the deal came in a presidential order posted Friday on the White House website, declaring Nippon Steel’s $14.9 billion bid for the U.S. steelmaker “prohibited.” White House press secretary Karine Jean-Pierre told reporters Biden was acting on a recommendation by the Committee on Foreign Investment in the United States that the acquisition “would place one of America’s largest steel producers under foreign control and create a risk for our national security and our critical supply chains.” “President Biden’s action today is shameful and corrupt,” Burritt said in a news release. “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.”
Steelworkers Union Applauds as Biden Blocks Sale of US Steel to Japanese Giant
January 4, 2025 // The Committee on Foreign Investment in the United States, a federal committee that has the power to review certain transactions involving foreign investment in the United States to evaluate a deal's impact on national security, decided to forgo making a formal recommendation about whether the deal should be allowed to proceed last week. The proposal also became ensnared in election year politics, with both presidential candidates saying that U.S. Steel should remain a domestically-owned firm. Rust Belt lawmakers in both parties, including Sen. Bob Casey (D-Pa.) and Sen. Sherrod Brown (D-Ohio)—both of whom lost re-election in November—and Vice President-elect JD Vance, an Ohio Republican, expressed opposition to the deal.