Republican Sen. J.D. Vance of Ohio mentioned Monday he’ll battle the sale of U.S. Steel Corp. to Japan-based Nippon Steel Corporation.
“A critical piece of America’s defense industrial base was auctioned off to foreigners for cash,” Mr. Vance mentioned. “I warned of this outcome months ago and will oppose it in the months ahead.”
The all-cash transaction of $14.9 billion was introduced Monday.
“U.S. Steel announced the sale by celebrating the ‘certain and immediate value’ to be delivered to its shareholders. 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,” Mr. Vance mentioned.
Democratic Sen. John Fetterman of Pennsylvania mentioned he, too, will do no matter he can to dam the sale.
“It’s absolutely outrageous that U.S. Steel has agreed to sell themselves to a foreign company,” Mr. Fetterman mentioned. “Steel is always about security – both our national security and the economic security of our steel communities. I am committed to doing anything I can do, using my platform and my position, to block this foreign sale.”
In August, the Ohio Republican wrote a letter to the CEO and Chairman of U.S. Steel, urging the corporate to reject any bid that comes from one other nation.
“As the second largest integrated steelmaker in the country and a giant of American industry, the future of U.S. Steel will be consequential for the future of the U.S. steel industry,” he wrote. “I fear that the strategic review could undermine our national security if mismanaged in particular, I worry about the implications of an acquisition by a foreign entity that may not share your business’s storied connection to the United States.”
In a September op-ed printed in The Washington Post, he additionally raised considerations over the results {that a} sale of the metal firm might create for the U.S. industrial base.
U.S. Steel acquired a number of proposals from corporations resembling Cleveland-Cliffs Inc., and Esmark, Inc., together with experiences exhibiting that ArcelorMittal and Canada’s Stelco Holdings had additionally thought of bids earlier than it in the end selected Nippon Steel.
“NSC has a proven track record of acquiring, operating, and investing in steel mill facilities globally — and we are confident that, like our strategy, this combination is truly best for all,” U.S. Steel President and CEO David Burritt mentioned of the deal.
