David Burritt, the president and CEO of US Steel Corp., addressed the Economic Club of Detroit, discussing the recent blocking of a $14 billion deal between US Steel and Nippon. President Biden, citing national security concerns after a thorough review by the Committee on Foreign Investment in the U.S., formally rejected the acquisition on September 13, 2024. In response, US Steel and Nippon filed a lawsuit seeking to reverse the decision, claiming it was unconstitutional. Burritt expressed optimism about convincing the incoming president to reconsider the deal, emphasizing the importance of due process. He acknowledged understanding the current administration’s stance but remained hopeful that the new leadership will evaluate the situation impartially. Burritt highlighted the potential benefits of the deal for both the company and American workers. The transition team for Trump, who has also opposed the sale, did not respond to inquiries regarding the situation. The issue remains fluid, with updates expected as developments unfold.
