Trade Cases
US pols urge 'domestically owned' steel industry
Written by Ethan Bernard
May 6, 2025
US Sen. Jim Banks (R-Ohio) and Rep. Frank Mrvan (D-Ind.) have written a letter in support of a “domestically owned and operated American steel industry” being vital to national security.
The two, both members of the Congressional Steel Caucus, addressed the letter to Treasury Secretary Scott Bessent on Monday, May 5.
“We write to express our belief that a strong, domestically owned and operated American steel industry is vital to our national security,” the letter stated.
“If American steel production does not remain robust in peacetime, we risk unreliable supplies of critical steel products to the military in wartime,” the letter continued. “We urge you to consider this as the Department of Treasury assesses the national security risks in any review of foreign direct investment.”
The letter further questioned the logic of foreign ownership of US steel assets.
“Permitting foreign ownership or control of our steel industry risks ceding critical supply chains to foreign companies whose commercial interests may not always align with our national security interests,” the letter said.
It warned against entrusting US companies to foreign “companies that have repeatedly circumvented our trade laws and have dumped large volumes of steel onto our shores.”
The full text of the letter is here.
The letter comes as the USS/Nippon deal is still under governmental consideration. The Committee on Foreign Investment in the United States (CFIUS) is conducting a new review of the proposed transaction.
CFIUS is chaired by the Treasury Department, but it is not part of any single agency
Additionally, President Trump has said he is still opposed to a foreign firm owning the Pittsburgh-based steelmaker.
In recent decades, foreign firms have played an increasing role in the US steel industry, including companies like Luxembourg-based ArcelorMittal, India’s JSW Steel, and and Japan’s JFE, among many others.
Ethan Bernard
Read more from Ethan BernardLatest in Trade Cases
Leibowitz: When the shutdown should end
There is no doubt that the current government shutdown reflects the vast divisions between the extremes of American politics, society, and even geography. Almost all Americans agree that government is necessary, but voters disagree...
Price: The U.S. Steel shutdown that wasn’t and a call to stop ‘valuation cheating’
How can the U.S. government block U.S. Steel’s Granite City rolling mill closure without harming other American steelmakers? Reducing imports should be the first step. Foreign producers continue to aggressively target the U.S. market, especially now as they find themselves displaced by Chinese exports.
US steel industry applauds ITC final determination in coated trade case
Domestic mills praised the US International Trade Commission’s (ITC's) final determination that imports of corrosion-resistant (CORE) steel from 10 countries pose a threat to them.
ITC’s final ruling: Dumped, subsidized CORE imports are harming domestic market
The US International Trade Commission (ITC) finds that corrosion resistant steel (CORE) imports from 10 countries have caused material damage to domestic product producers, according to the ITC’s statement.
Leibowitz: Trump’s tariffs confront a weakening market
Signs of weakness are already appearing in the tariff wall. The economy has slowed to the point that the Federal Reserve cut interest rates by 0.25%, or 25 basis points, last week. The cut came even as the rate of inflation continues to hover well above the Fed’s 2% target rate.