Former Secretary of State Mike Pompeo outlines how the country can respond to terrorism after the attack on Kudlow in New Orleans.
Former US Secretary of State Mike Pompeo defended Nippon Steel's proposed $14 billion acquisition of US Steel and urged US President-elect Donald Trump to back the deal ahead of the deal. President Biden's decision To prevent acquisition
On Friday, Biden announced he would block the deal on national security grounds, saying in a statement that “a strong domestically owned and operated steel industry is a fundamental national security priority and is critical to resilient supply chains.”
Pompeo, who hired Nippon Steel last year to advise on the deal, said in an appearance on Thursday: “Kudlo” Fox Business Network Before the White House's decision that “the committee charged with assessing national security risks has unfortunately become politicized.”
“Rather than just looking at the national security risks, of course there are none — an ally is Japan, which invests in America, makes steel here in America, manufactures in America,” Pompeo said.
President Biden blocks US steel sales to NIPPON Steel
Former US Secretary of State Mike Pompeo defended Nippon Steel's offer to buy US steel. (Jamal Countess/Getty Images for Fortune Media/Getty Images)
Pompeo added that while he hopes Biden will let the deal go forward, if the White House blocks it, he hopes the incoming Trump administration, which has also voiced its opposition to the deal, will reconsider Pennsylvania workers. . “That almost everyone is in favor of this deal, everyone except the union's top liberal leadership … It's good for the community and good for the Moon Valley.”
| ticker | security | the last | change | change % |
|---|---|---|---|---|
| X | United States Steel Co | 30.72 | -1.88 |
-5.77% |
| NPSCY | Nippon Steel Company | 6.97 | +0.00 |
+0.00% |
The president's decision came after American Steel CEO David Britt warned that if the company Purchased by Nippon Steel The company is likely to close steel mills in Pennsylvania's Monongahela Valley and Gray, Indiana, which were to undergo a multibillion-dollar upgrade with cash injected by Nippon after the sale is completed.
“If the deal falls apart, we won't do it,” Britt said The Wall Street Journal In an interview, “I have no money.”
Nippon Steel hired former Trump official Mike Pompeo to advise on US steel purchases.
Nippon Steel is a Japanese company that is one of the largest steel manufacturers in the world. (Photo: Justin Merriman/Bloomberg via Getty Images/Getty Images)
Nippon Steel has committed to invest $2.7 billion in US Steel's Mon Valley Works and Gary Works as part of a modernization project aimed at making the facility more competitive with international rivals. Nippon also said it will keep the name, brand and headquarters American steel and refrain from firing employees until 2026, if an agreement is reached.
Burritt also indicated that if the Mon Valley Works closes, the company will likely look to replace it Headquartered out of Pittsburgh to a location in the south, where an increasing share of the company's production has moved.
In a joint statement, Nippon Steel and US Steel said they were “disappointed by President Biden's decision to block the purchase of Nippon Steel, which represents a clear violation of due process and the law governing CFIUS.”
The companies said: “Instead of complying with the law, this process was manipulated to advance President Biden's political agenda. The president's statement and order provide no credible evidence of a national security issue and make it clear that this was a political decision.” ” He added: “They have no choice but to take all appropriate measures to protect their legal rights.”
Nippon Steel pledged to invest in the modernization of US Steel's Mon Valley plant near Pittsburgh and Gray Works in Indiana. (Photo by Thomas O'Neill/NurPhoto via Getty Images/Getty Images)
particle for direct object Steel Workers Union (USW), which has long opposed the deal, released a statement saying its “first and only concern is the long-term viability of our facilities as we seek to ensure a strong domestic steel industry going forward.”
“We are grateful for President Biden's willingness to take bold action to preserve a strong domestic steel industry and his lifelong commitment to American workers,” the USW added. Moving forward, we are confident that, with responsible stewardship, US Steel will continue to support good jobs, healthy communities, and strong national and economic security well into the future.
The U.S. Chamber of Commerce criticized the Biden administration for politicizing the proposed deal, saying in a statement that “the livelihoods of steelworkers are at risk” with the decision to block the deal.
Get FOX Business on the Move by clicking here
“The Biden administration's politicization of Nippon Steel's purchase of U.S. steel will impose high economic costs on the American people for years to come,” said John Murphy, senior vice president and head of the international division of the American Chamber of Commerce. “The first devastating effects will likely be felt by steelworkers — in Pennsylvania, Indiana and other states — whose livelihoods are threatened by this decision.”
“This decision could also have a devastating impact on international investment in America. Our important and trusted investment ally, Japan, Alone supports nearly a million jobs in the U.S. business community to facilitate overseas investments that help us grow. The economy and support for American families will continue, Murphy said.