U.S. Steel President and CEO David Burritt speaks at a Detroit Economic Club event on Tuesday, September 17, 2024, in Detroit, Michigan, USA.
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After months of review by the Committee on Foreign Investment in the United States, Biden formally blocked the deal, worth more than $14 billion, on Friday, citing national security concerns.
U.S. Steel and Nippon Steel filed a lawsuit on Monday asking a federal court to overturn Biden’s decision, charging that the president’s actions were unconstitutional.
Trump also opposed the sale of U.S. Steel to Japanese steel companies. Burritt believes he can convince the president-elect that the deal is in the best interests of the company and American workers.
“What we want is for due process to work,” Burritt said. “Obviously, we have a new president and he’s going to take a fresh look at this issue. We understand his current perspective, but he’s a smart guy. He has an opportunity to take a fresh look and do the right thing, and I have no doubt he will, ” he added.
Asked for comment, the White House said “a committee of national security and trade experts determined that the acquisition would pose a risk to U.S. national security.” The Trump transition team recalled the president-elect’s previous comments opposing the deal.
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