Sleepy blocked a merger between US Steel and Nippon Steel. Official statement from US Steel:
"January 3, 2025 - President Biden’s action today is shameful and corrupt. He gave a political payback to a union boss out of touch with his members while harming our company’s future, our workers, and our national security. He insulted Japan, a vital economic and national security ally, and put American competitiveness at risk. The Chinese Communist Party leaders in Beijing are dancing in the streets. And Biden did it all while refusing to even meet with us to learn the facts.
Our employees and communities deserve better. We needed a President who knows how to get the best deal for America and work hard to make it happen. Make no mistake: this investment is what guarantees a great future for U. S. Steel, our employees, our communities, and our country. We intend to fight President Biden’s political corruption."
Sleepy isn't commanding much respect as he shuffles towards the exit, eh?
Link: https://www.ussteel.com/newsroom/-/blogs/statement-from-david-b-burritt-u-s-steel-president-and-ceo-on-today-s-order-by-president-biden-?_com_liferay_blogs_web_portlet_BlogsPortlet_redirect=https%3A%2F%2Fwww.ussteel.com%3A443%2Fnewsroom%3Fp_p_id%3Dcom_lif
Replies to: Sleepy blocked a merger between US Steel and Nippon Steel. Official statement from US Steel:
Meanwhile, transfers of business and tech to China proceed without Biden opposition.
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It wasn’t a merger—It was an acquisition by the Japanese.
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aka - a merger
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You disagree with his decision? Even Orange agrees with him.
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Whatabout, Frank?
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Frances misses the point as usual.
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You rarely have a good one, so what did I miss piggies?
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Put your thinking cap on, dummy.
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You can’t even articulate it, dumbass?
Has to be more of your dumbassery, pettiness, and spite.
The very reason me and my siblings are alive today is because of U.S. Steel Gary Works.
My dad was able to house, Catholic educate us, and feed us from money earned as a steelworker. Most of us kids in Gary were raised by a dad who worked in the steelmills, refineries, foundries, or EJ&E RR. With the open windows at school or home, you knew that this was definitely an industrial ciity. . I had heard that the rank & file were in favor of the sale but the union leadership was against it.
"President Biden’s action today is shameful and corrupt"
In case you missed it...
One side's opinion...again, both Biden and Trump have stated opposition to the merger.
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Apparently, both Biden and Trump oppose the merger...
...from the attached article...
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The president previously said that critical industries, like the steel sector, must remain under the control of domestic players.
In December, the Committee on Foreign Investment in the United States (CFIUS) — which reviews mergers and acquisitions of US firms by foreign entities — failed to reach a consensus on whether to approve the deal and referred the decision to Biden, who leaves office on January 20.
The panel, led by Treasury Secretary Janet Yellen, warned the buyout could lead to a cut in US steel output, which would cause supply shortages, affecting the transport and energy sectors the most.
CFIUS warned the deal could scupper Washington's attempt to quash the dumping of cheap steel from China, where heavy industries receive massive subsidies from the Beijing government.
and...
Senior White House advisers had reportedly tried to persuade Biden to proceed with the purchase, as it would represent a sizable investment in an ailing US company. They also thought a veto could hurt ties with Japan, one of Washington's closest allies in the Indo-Pacific.
Both Biden and former President Donald Trump implemented protectionist policies in recent years to safeguard the US steel sector against a global oversupply, which has driven down prices. The measures included 25% tariffs on imported steel, while China was singled out for unfair trade practices.
Biden's veto is unlikely to be overturned by President-elect Trump, who campaigned on reviving US heavy industry, and last month wrote on his Truth Social social messaging platform that he was "totally against the once great and powerful US Steel being bought by a foreign company."
Trump has promised to use a mix of more tariffs and tax incentives to protect the US steel sector.
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Link: https://www.dw.com/en/why-both-biden-and-trump-oppose-japans-takeover-of-us-steel/a-71208746
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