09/25/2024

U.S. Steel CEO Defends Planned Sale to Nippon

He says the deal will close on its merits

On Tuesday, U.S. Steel CEO David Burritt on Tuesday defended the company’s planned sale to Japan’s Nippon Steel, expressing confidence that the deal will be completed despite President Joe Biden’s vocal opposition.

"We strongly believe the deal closes on its merits," Burritt said in an interview on CNBC’s 'Money Movers.' "It strengthens national security, it strengthens economic security and it strengthens job security."

Biden has publicly vowed that U.S. Steel will remain American-owned. Two people familiar with the matter told NBC News earlier this month that the president is preparing to formally block the $14.9 billion sale. Vice President Kamala Harris and former President Donald Trump also both oppose the deal.

Please select this link to read the complete article from CNBC.