Former Secretary of State Mike Pompeo reveals how the country can respond to terrorism following the attack in New Orleans on Kudlow.
Former Secretary of State Mike Pompeo defended Nippon Steel’s proposed $14 billion deal to acquire US Steel and urged President-elect Donald Trump to support the deal ahead of President Biden’s decision to block the acquisition.
On Friday, Biden announced that he would block the deal on national security grounds, in a statement that said “the domestically owned and operated steel industry represents a vital national security asset and is critical to robust supply chains.”
Pompeo, who was hired by Nippon Steel last year to advise on the deal, said in a statement sent to FOX Business Network’s “Kudlow” Thursday before the White House’s decision, “Unfortunately, that committee charged with assessing national security risks became politicized.”
“Instead of looking at national security risks, of course there are none – it’s a united country, Japan, that will invest in America, make steel here in America, build in America,” Pompeo said.
PRESIDENT BIDEN WILL BLOCK STEEL SALES TO NIPPON STEEL
Former Secretary of State Mike Pompeo defended Nippon Steel’s bid to buy US Steel. (Jemal Countess/Getty Images for Fortune Media / Getty Images)
Pompeo added that although he hopes that Biden will allow the deal to move forward, if the White House will block the deal he hopes that the incoming Trump administration, which has also expressed its opposition to the deal, “will reconsider the workers of Pennsylvania.” , almost everyone interested in this transaction going forward, everyone except the top leadership of the freedom movement… It’s good for the community and Mon Valley.”
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| X | Rating of the company UNITED STATES STEEL CORP. | 30.66 | -1.94 |
-5.94% |
| NPSCY | Company NIPPON STEEL CORP. | 6.98 | +0.01 |
+0.14% |
The president’s decision comes after US Steel CEO David Burritt warned that if the company’s purchase by Nippon Steel is not successful, the company will close steel mills in the Monongahela Valley in Pennsylvania and Gary, Indiana, which were expected to receive multibillion-dollar upgrades. money contributed by Nippon after the sale was completed.
“We wouldn’t have done that if the deal didn’t go through,” Burritt told the Wall Street Journal in an interview. “I don’t have any money.”
NIPPON STEEL HIRES FORMER TRUMP OFFICIAL MIKE POMPEO TO DEVELOP SEASON ACCESS.
Nippon Steel is a Japanese-based firm that is one of the largest steel manufacturers in the world. (Photographer: 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 keep the US Steel name, brand and headquarters and avoid layoffs until 2026 if the deal goes through.
Burritt also signaled that if Mon Valley Works closes, the company will likely look to move its headquarters from Pittsburgh to the South, where most of the company’s manufacturing has moved.
Nippon Steel and US Steel in a joint statement said they were “disappointed by President Biden’s decision to block Nippon Steel’s acquisition of US Steel, which represents a clear violation of due process and the law governing CFIUS.”
“Instead of complying with the law, this program was used to advance President Biden’s political agenda. The President’s statement and the Order do not present any concrete evidence of a national security issue, making it clear that this was a political decision,” the companies said. he added that “they have no choice but to take all necessary measures to protect our legal rights.”
US STEEL EXECUTIVE SAYS COMPANY COULD WEAR BILLIONS IN LIENS IF PROPOSED $14B SALE TO NIPPON STEEL FAILS.
Nippon Steel pledged to invest in modernizing 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 Union (USW), which has long opposed the deal, issued a statement saying “its first and only concern is the long-term viability of our facilities as we look to ensure a strong domestic steel industry in the future.” .”
“We are grateful for President Biden’s determination to take bold action to keep the domestic steel industry strong and for his lifelong commitment to American workers,” USW said. “Moving forward, we are confident that with the right management, US Steel will continue to support good jobs, healthy communities and strong national and economic security into the future.”
The US Chamber of Commerce criticized the Biden administration for politicizing the proposed deal and said in a statement that “the lives of steelworkers 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 high economic costs on Americans for years to come,” said John Murphy, senior vice president and head of international affairs at the US Chamber of Commerce. “The first harmful effects will likely be felt by steelworkers – in Pennsylvania, Indiana, and other states – whose livelihoods are threatened by this decision.”
“The decision could have a negative impact on international investment in America. Investment from our important and trusted partner, Japan, supports nearly a million American jobs alone. Businesses will continue to work to facilitate investment from abroad that will help grow our economy and support American families,” said Murphy.
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