U.S. Steel CEO David Burritt called Joe Biden’s blocking of the deal “corrupt.”
Transcript:
Conway Gittens: Tech stocks led Tuesday’s market decline as strong economic data decreased chances of a January rate cut. Growth in the massive U.S. services sector picked-up in December, according to the Institute for Supply Management. Meanwhile, job openings hit a six-month high in November, according to the Labor Department.
On Wednesday, investors will get minutes from the Fed’s December meeting, private hiring numbers from ADP, and weekly jobless claims.
In other news, the head of U.S. Steel is appealing directly to President-elect Donald Trump after the Biden administration blocked his company’s sale to Nippon Steel of Japan.
The outgoing Biden Administration cited national security concerns for its opposition to the $14 billion sale – even though Japan is one of America’s closest allies. In an interview with CNBC, CEO David Burritt urged Trump to “step in now and undo the wrongful, shameful, corrupt actions of Biden.” Trump doesn’t officially become president until January 20th. That, however, didn’t stop Burritt from making his pitch directly to Trump. “He’s a smart guy. He has the opportunity to have fresh eyes and do what’s right, and I believe strongly he will.”
Trump, however, is on record as opposing a deal that could cost U.S. jobs; something that clearly doesn’t fit in with his Make America Great Again ethos.
U.S. Steel and Nippon have filed a lawsuit, claiming Biden’s decision was unconstitutional.
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