Senators Rip Sale of US Steel to Foreign Company, Fetterman Vows to Block Deal

Leah Barkoukis | December 19, 2023 9:30 AM

Shortly after reports circulated that U.S. Steel’s acquisition by a Japanese company, senators on both sides of the aisle vowed to do everything in their power to block the deal.

Sen. John Fetterman (D-PA), who said he lives “across the street from U.S. Steel’s Edgar Thompson plant in Braddock,” called the $14.1 billion deal “absolutely outrageous.”

“Steel is always about security — both our national security and the economic security of our steel communities,” he added. “I am committed to doing anything I can do, using my platform and my position, to block this foreign sale.”

In a statement, U.S. Steel said Nippon Steel Corporation is acquiring the company for $55 per share and will assume its debts.

“The United States’ marquee steel company should remain under American ownership,” said Sen. Bob Casey (D-PA). “From initial reports, this deal appears to be a bad deal for Pennsylvania and for Pennsylvania workers. I’m concerned about what this means for the Steelworkers and the good union jobs that have supported Pennsylvania families for generations, for the long-term investment in the Commonwealth, and for American industrial leadership.

Sen. J.D. Vance (R-OH) also sounded off about the deal. “Today, a critical piece of America’s defense industrial base was auctioned off to foreigners for cash,” Vance said in a statement.

“U.S. Steel announced the sale by celebrating the ‘certain and immediate value’ to be delivered to its shareholders,” Vance continued. “But rest assured that I will interrogate the long-term implications for the American people, and I will do everything in my power to protect the future of our nation’s security, industry, and workers.”

Sen. Sherrod Brown (D-OH) said on X that such a deal shouldn’t be able to be made.

“A foreign company shouldn’t be able to swoop in, ignore the voices of union workers, and buy a major steel manufacturer behind closed doors,” he said. “Today’s announcement between Nippon & U.S. Steel is an insult to the American steelworkers who build our country.”