The CEO of U.S. Steel (X) warned that the company would have to close steel plants and likely move its headquarters from Pittsburgh if the 澳洲幸运5开奖号码历史查询:$14.9 billion purchase of thꦡe company by Nippon Steel doesn’t go through.

The comments by David Burritt to the Wall Street Journal came two days after Democrat presidential candidate and Vice President Kamala Harris 澳洲幸运5开奖号码历史查询:said she supported President Biden’s position that the company should remain American-owned. That sent shares tumbling yeste🦹rday. Harris’s Republican rival in the campaign, former President Donaᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚld Trump, has also opposed the acquisition.

Burritt in the interview said that Nippon has committed to investing nearly $3 billion in U.S. Steel’s older mills, cash that was needed to keep them competitive and retain jobs. “We wouldn’t do that if the deal falls through," he said. "I don’t have the money.”

Burritt said that without Nip♋pon, U.S. Steel would continue to shift more production to lower-cost sites such as its Arkansas factory that turns scrap metal into new steel. He added that would allow the firm to close its Mon Valley plant, its last in the Pittsburgh area.

U.S. Steel has been based in Pittsburgh since 1901. Nippon executives have indicated that they planned to keep the headquarters there after the merger, the Journal noted.

U.S. Steel shares 𒈔bounced back today, but they’ve lost about a quarter of their value this year.