(Bloomberg) -- US Steel would close mills and likely move its headquarters out of Pittsburgh if its planned sale to Nippon Steel falls apart, CEO David Burritt told the Wall Street Journal.
Japan-based Nippon Steel has pledged to invest nearly $3 billion in the firm’s older mills, and those funds are critical to maintaining competitiveness and jobs, he said in an interview.
“We wouldn’t do that if the deal falls through,” Burritt said. “I don’t have the money.”
His comments come after Vice President Kamala Harris earlier this week joined President Joe Biden in declaring that United States Steel Corp. should remain domestically owned and operated, the latest headwind to the proposed sale of the company to Japan-based Nippon Steel Corp.
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