US Steel CEO: The government failed our country after canceling the Nippon Steel deal

US Steel CEO blamed President Biden for US failure and emboldening foreign adversaries after his administration Blocked the proposed $14 billion acquisition US Steel was acquired by Japan-based Nippon Steel.

US Steel CEO David Burritt told Fox Business correspondent Lydia Ho in an interview Monday that Biden showed the global community that the United States does not care about the rule of law with his handling of the now-defunct deal.

“We did everything right as a company with Nippon,” Burritt said. “We did everything right. The government failed us. They failed because they didn’t follow the process. We will right this wrong. They failed our workers. They failed our communities. They failed our country. The best ally in Asia, and they have encouraged China by not Follow the rule of law.”

Biden officially blocks Nippon’s takeover of the US steel company

Burritt continued: “CFIUS (Committee on Foreign Investment in the United States) is supposed to be strong and secretive, but we find that it was neither strong nor secretive.” “Unfortunately, the President of the United States has shamefully and disgracefully tainted the CFIUS process from the beginning. We respected the process, and that was a mistake we made. We deserve due process, and this sends a terrible message to our labor partners and a terrible message to our best allies around the world.” “The world says that our country does not respect the rule of law.”

Before blocking it, Biden expressed his opposition to the deal, arguing that US Steel should remain a US-owned and American-operated company. The Biden-Harris administration’s Department of Justice investigated the deal on antitrust grounds, while the Committee on Foreign Investment in the United States (CFIUS) investigated the national security implications of the deal.

US STEEL CEO SAYS COMPANY LIKELY TO SHUT STEEL PLANTS IF $14 BILLION SALE OF NIPPON STEEL IS PROPOSED

His decision to ban it came shortly after Burritt publicly warned that if the company acquisition If the project fails, the company will likely be forced to close steel mills in Pennsylvania’s Monongahela Valley and Gary, Indiana, which were scheduled to receive a $3 billion upgrade with cash from Nippon after the sale. He added that the investment, which is contingent on the completion of the deal, was necessary for the company to remain economically competitive with international competitors and to keep workers employed.

“We will not do this if the agreement fails,” Burritt said. The Wall Street Journal In an interview at the time. “I don’t have money.”

Burritt also noted that if Mon Valley Works closes, the company would likely look to move it Headquartered outside of Pittsburgh to a location in the south, where an increasingly large share of the company’s production moved.

Nippon Steel and US Steel criticized Biden’s decision In a joint statement Released Friday, he wrote that the president’s involvement “reflects a clear violation of due process and the law.” The companies also accused the operation of being “manipulated to advance Biden’s political agenda.”

The statement also denied Biden’s claims of national security concerns and announced that US Steel plans to take legal action against the government to “protect our legal rights.”

“The President’s statement and order provide no credible evidence that there is a national security issue, and make clear that this was a political decision. Following President Biden’s decision, we have no choice but to take all appropriate actions to protect our legal rights.” “They wrote.

“We will never give up pursuing business in the United States for the benefit of our domestic stakeholders in the United States,” the statement continues. “We continue to believe that the partnership between Nippon Steel and US Steel is the best way to ensure that US Steel, especially its USW-represented facilities, can compete and thrive well into the future – and we will work closely with stakeholders, including government officials from Japan and allies and partners in United States, to take all appropriate actions to protect our legal rights and secure this future.

Former Secretary of State Mike Pompeo, who was hired by Nippon Steel last year to advise on the deal, said His support for the acquisition Before Biden’s decision to ban it. He also blamed alleged politicization by the Committee on Foreign Investment in the United States, which scuttled the deal.

“Unfortunately, that committee responsible for assessing national security risks has become politicized,” Pompeo told Kudlow. “Instead of just looking at the national security risks, of course there is none — it’s their ally, Japan, that will invest in America, make steel here in America, build in America.”

Pompeo urged the incoming Trump administration, which has also expressed opposition to the deal, to “reconsider for Pennsylvania workers, who are almost all in favor of moving forward with this deal, all but the top liberal union leadership…

Get FOX Business on the go by clicking here

“It’s good for the community, good for the Mon Valley,” he said.

United States steel Shareholders voted in approval The $14.9 billion deal with Nippon Steel was completed in April, with 98% of shareholders voting in favor of the deal.

Fox Business’ Eric Revell contributed to this report.