Steel Mills

Senator Says U.S. Steel Must Not Be Acquired by Foreign Firm

Written by Ethan Bernard

September 7, 2023

US Senator JD Vance (R-Ohio) said U.S. Steel must not be bought by a foreign bidder, according to an op-ed he published on Sept. 5 in the Washington Post.

“The board of U.S. Steel must reject any bid from a foreign acquirer. If the courts attempt to block them, then Congress should intervene,” he said.

“We must ensure that corporate transactions such as the sale of U.S. Steel advance our nation’s power and prosperity,” he added.

Vance said that the “risks of a foreign acquisition are especially palpable.”

He noted that the Biden administration has left in place President Trump’s Section 232 tariffs on steel imports, “recognizing that the preservation of the domestic steel industry remains vital to our national security.”

“Regardless of a foreign buyer’s motives, the foreign ownership of assets of such national importance could jeopardize our security. It’s why foreign acquisition of U.S. Steel now faces bipartisan opposition,” Vance said.

Last month, the senator sent a letter to U.S. Steel, asking them to rule out a foreign bidder, according to a report in Reuters.

The full text of the op-ed is available on the senator’s website.

Ethan Bernard

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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