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
Read more from Ethan BernardLatest in Steel Mills
AISI: Raw steel production ticks back down
US raw steel output declined last week after increasing the week prior, according to the latest data from the American Iron and Steel Institute (AISI). Output has see-sawed from week to week since mid-August. Still, it has remained historically strong over the past four months and has held near multi-year highs since June. Domestic mills […]
Gerdau reshapes North American footprint as tariffs squeeze long steel imports
Gerdau is repositioning its North American business to capitalize on a sharp shift in steel trade flows driven by elevated tariffs across the US, Canada, and Mexico.
CRU: Interest in AHMSA is growing
Representatives of at least six companies interested in acquiring AHMSA have reportedly begun to carry out physical inspections of the insolvent company’s assets.
USW urges Algoma to diversify product line as $500M lifeline meets wider Q3 losses
The United Steelworkers (USW) is pushing for transparency after Algoma Steel announced earlier this week that it has received CA$500 million in financing from the Canadian government.
Oregon Steel Mills lifts plate prices by $60/ton
Oregon Steel Mills has joined other producers in announcing a price increase of at least $60 per short ton on steel plate.