U.S. Steel

The $15 billion acquisition of U.S. Steel by Japan's Nippon Steel has hit a significant roadblock after President Biden blocked the deal, citing national security concerns. Following the decision, both companies have initiated legal action against the administration. U.S. Steel CEO David Burritt has turned to President-elect Donald Trump, hoping for a different outcome under the incoming administration. During a CNBC interview, Burritt expressed optimism about Trump's potential business-oriented perspective on the deal, despite Trump's opposition to the acquisition. The deal has garnered mixed responses from stakeholders. Twenty mayors and community leaders from Pennsylvania and Indiana supported the acquisition in a December letter. However, United Steelworkers International opposed the deal and welcomed Biden's decision to block it. Burritt defended the acquisition's merits, stating that any national security concerns could be addressed. He argued that the deal would strengthen national security, […]