U.S. Steel CEO Appeals to Trump After Biden Blocks Nippon Steel Acquisition

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The current status is that U.S. Steel CEO David Burritt has appealed to President-elect Donald Trump to reconsider the blockage of the nearly $15 billion acquisition of U.S. Steel by Nippon Steel Corp. This appeal comes after President Joe Biden blocked the deal, citing national security concerns. The Biden administration's decision has been met with significant opposition, with U.S. Steel and Nippon Steel filing a lawsuit against the administration, alleging that the decision was politically motivated and violated the formal review process.

The lawsuit claims that the Biden administration's actions were influenced by election-season political considerations, particularly to appease the United Steelworkers (USW) labor union, which holds significant political sway in the swing state of Pennsylvania. The companies argue that the Committee on Foreign Investment in the United States (CFIUS) engaged in a process designed to reach a predetermined result in favor of the political decision made by President Biden.

In response to the blockage, U.S. Steel CEO David Burritt has called on Trump to take a fresh look at the deal, slamming Biden's decision as corrupt and politically biased. This appeal is part of a broader strategy to challenge the Biden administration's decision in court and potentially reverse the blockage if Trump takes office and reconsiders the acquisition.