Steel Mills

US senators Vance, Fetterman oppose USS sale to Nippon Steel

Written by Ethan Bernard

December 18, 2023

Though on opposite sides of the political spectrum, US Sens. JD Vance (R., Ohio) and John Fetterman (D., Pa.) have come out against the sale of U.S. Steel to Japan’s Nippon Steel.

“Today, a critical piece of America’s defense industrial base was auctioned off to foreigners for cash,” Vance said in a statement on Monday.

“I warned of this outcome months ago and will oppose it in the months ahead,” he added.

Vance said he “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.”

Likewise, in a post on X on Monday, Sen. Fetterman said, “The acquisition of U.S. Steel by a foreign company is wrong for workers and wrong for Pennsylvania.” He added: “I’m gonna do everything I can to block it.”

Rep. Rick Crawford (R., Ark.), chairman of the Congressional Steel Caucus, struck a more measured tone on the deal.

“This pending transaction shows how attractive our region is for companies who want to invest in a robust workforce and utilize our regional, multi-modal transportation network,” he said in a statement on Monday.

“Like other acquisitions of this scale, vigorous and thorough processes should be followed to ensure America’s steel industry remains a leader on the global manufacturing stage,” he added.

Recall that U.S. Steel’s Big River Steel is in Osceola, Ark.

The deal, valued at $14.9 billion, is subject to approval by U.S. Steel shareholders, receipt of customary regulatory approvals, and other customary closing conditions, SMU has reported.

In September, Vance wrote an op-ed in the Washington Post saying U.S. Steel should not be bought by a foreign bidder.

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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