U.S. Steel CEO appeals to Trump after Biden blocks deal with Japanese firm
President-elect Donald Trump was directly urged by U.S. Steel's CEO to reconsider a Japanese company's $15 billion offer to acquire the American steelmaker.
Following the failure of a crucial business-review panel to agree on whether the acquisition posed any dangers, President Joe Biden halted the agreement between U.S. Steel and Nippon Steel on Friday, citing national security concerns. The administration was sued by both businesses for the decision.
Trump has also questioned the planned sale on Monday and opposed Nippon's acquisition of the once-iconic Pittsburgh-based company. However, U.S. Steel CEO David Burritt told CNBC on Tuesday that he thinks he can win over Trump's commercial instincts.
Our new president will approach this from a different angle. Burritt stated, "We understand ...