Former Secretary of State Mike Pompeo reveals how the country can respond to terrorism after the New Orleans attack on Kudlow.
Former Secretary of State Mike Pompeo defended Nippon Steel’s proposed $14 billion deal to buy US Steel and urged President-elect Donald Trump to support the deal ahead of President Biden’s decision to block the purchase.
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 represents a core national security priority and is critical to resilient supply chains.” .
Pompeo, whom Nippon Steel hired last year to advise on the deal, said in an appearance Thursday on FOX Business Network’s “Kudlow” before the White House decision that, “Unfortunately, that committee that was responsible for assessing national security risks was politicized.
“Rather than just looking at the national security risks, there certainly aren’t any — it’s an ally, Japan, that will invest in America, make steel here in America, build in America,” Pompeo said.
PRESIDENT BIDEN WANTS TO BLOCK US STEEL SALE TO NIPPON STEEL
Former Secretary of State Mike Pompeo defended Nippon Steel’s bid to buy US Steel. (Countess Jemal/Getty Images for Fortune Media/Getty Images)
Pompeo added that while he hoped Biden would allow the deal to move forward if the White House blocked the deal, he hoped the incoming Trump administration, which has also expressed opposition to the deal, would “reconsider for Pennsylvania workers . . , who almost all favor moving forward with this transaction, all but the union’s top liberal leadership… It’s good for the community and the Mon Valley.”
| TICKER | Safety | The last one | AmENdmENT | Change % |
|---|---|---|---|---|
| X | UNITED STATES STEEL CORP. | 30.66 | -1.94 |
-5.95% |
| NPSCY | NIPPON STEEL CORP. | 6.98 | +0.01 |
+0.14% |
The president’s decision comes after US Steel CEO David Burritt warned that if Nippon Steel’s purchase of the firm falls through, the company will likely close steel mills in Pennsylvania’s Monongahela Valley and Gary, Indiana, which were slated to receive a major upgrade. billion in cash injected by Nippon after the sale is completed.
“We wouldn’t do that if the deal falls through,” Burritt told The Wall Street Journal in an interview. “I have no money.”
NIPPON STEEL HIRES FORMER TRUMP OFFICIAL MIKE POMPEO TO ADVISE ON US STEEL BUY
Nippon Steel is a firm based in Japan, which is one of the largest steel producers in the world. (Photo: Justin Merriman/Bloomberg via Getty Images / Getty Images)
Nippon Steel pledged 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 facilities more competitive with international rivals. Nippon also said it would retain the US Steel name, brand and headquarters and refrain from layoffs through 2026 if the deal is completed.
Burritt also signaled that if the Mon Valley Works closes, the company will likely look to move its headquarters from Pittsburgh to a location further south, where an increasing portion of the company’s production has moved.
Nippon Steel and US Steel said in a joint statement that they are “shocked by President Biden’s decision to block Nippon Steel’s acquisition of US Steel, which reflects a clear violation of due process and the law governing CFIUS “.
“Instead of following the law, the process was manipulated to advance President Biden’s political agenda. The President’s statement and Executive Order present no credible evidence of a national security issue, making it clear that this was a political decision ,” the companies said. adding that they “have no choice but to take all appropriate action to protect our legal rights.”
US STEEL CEO SAYS COMPANY COULD SHUT MILLION STEEL IF PROPOSED $14 BILLION SALE TO NIPPON STEEL FALLS THROUGH
Nippon Steel pledged to invest in the modernization of US Steel’s Mon Valley Works near Pittsburgh and the Gary Works in Indiana. (Photo by Thomas ONeill/NurPhoto via Getty Images / Getty Images)
The United Steelworkers (USW), which has long opposed the deal, issued a statement saying its “first and only concern has been the long-term sustainability of our facilities as we aim to secure a strong domestic steel industry in the future.”
“We are grateful for President Biden’s willingness to take bold action to maintain a strong domestic steel industry and for his lifelong commitment to American workers,” the USW added. “Moving forward, we are confident that with responsible management, US Steel will continue to support good jobs, healthy communities, and strong national and economic security well into the future.”
The US Chamber of Commerce criticized the Biden administration for politicizing the proposed deal and said in a statement that “steelworkers’ livelihoods are threatened” by the decision to block the deal.
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“The Biden administration’s politicization of Nippon Steel’s purchase of US Steel threatens to impose a high economic cost on the American people for years to come,” said John Murphy, senior vice president and head of international affairs at the US Chamber of Commerce. “The first adverse impacts will likely be felt by steelworkers — in Pennsylvania, Indiana and other states — whose livelihoods are threatened by this decision.”
“The decision could also have a chilling effect on international investment in America. The investment of our important and trusted ally, Japan, alone supports nearly one million American jobs. The business community will continue to work to facilitate foreign investment that help grow our economy and support American families,” Murphy said.
