U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA), along with Representative Chris Deluzio (D-PA-17), have vehemently opposed the proposed acquisition of U.S. Steel Corporation by Japan-based Nippon Steel.
The trio voiced their concerns in a letter addressed to Treasury Secretary Janet Yellen, who heads the Committee on Foreign Investment in the United States (CFIUS). They highlighted the potential threats to national security that could arise from selling a company pivotal to several vital industries—including defense, power, and infrastructure—to a foreign entity.
The Senators’ letter accentuated the recent efforts made by the U.S. to bolster its market competitiveness and fortify critical supply chains. They referenced the passage of the Inflation Reduction Act, the Infrastructure Investment and Jobs Act, and the CHIPS and Science Act as significant strides towards achieving these goals.
They wrote, “Allowing for the ownership of a major industrial participant in infrastructure and clean energy investments to be acquired by a foreign entity would be a step backwards in our commitment to supply chain integrity and economic security.”
The letter to Secretary Yellen comes on the heels of an earlier correspondence in which Senators Casey, Fetterman, Deluzio, and Lee directly confronted Nippon Steel. They sought clarification about the Japanese company’s commitment to Pennsylvania workers and the United Steelworkers.
As the nation grapples with economic challenges and navigates through the complexities of global trade, the move by these lawmakers aims to underscore a broader effort to maintain control over key domestic industries. It remains to be seen how this opposition will impact the proposed acquisition and whether it will ignite a broader conversation about foreign ownership and its implications for national security.
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