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.”
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