Sen. John Fetterman (D-Pa.) vowed Monday to fight the $14.9 billion sale of US Steel Corp. to Japanese steelmaker Nippon Steel, which he called an “outrageous” action.
The agreement was revealed on Monday, causing US Steel’s shares to rise by 25%. Fetterman slammed the deal, writing on X, the platform formerly known as Twitter, that it was “wrong for workers and wrong for Pennsylvania.”
“I’m going to do everything in my power to stop it,” Fetterman wrote on X.
“I live directly across the street from U.S. Steel’s Edgar Thompson plant in Braddock,” Fetterman said in a statement. “It is completely unacceptable that U.S. Steel has agreed to sell itself to a foreign company.” Steel has always been about security, both for our national security and for the economic stability of our steel communities. I am dedicated to doing all in my power, including using my platform and position, to prevent this international sale.”
According to a news release issued in October, US Steel “supported an estimated 11,417 jobs” in Pennsylvania, including almost 3,700 directly employed by the firm. According to the October study, US Steel contributed $3.6 billion to the local and state economies in fiscal 2022.
In his message, Fetterman underlined his support for steelworkers in Pennsylvania, and he also shared a video recorded from the roof of his house on X, showing his home immediately across from the steel mill in Braddock, Pa.
“This is yet another case of hardworking Americans being taken by surprise by greedy corporations willing to sell out their communities in order to benefit their shareholders.” “I stand with the Steelworkers and their union way of life,” he stated in his statement.
“We cannot let them be screwed over or abandoned.” “I promise them, and all forgotten communities across Pennsylvania, that I will fight like hell with [Sen. Bob Casey (D-Pa.)] and the rest of the delegation to make this right,” he concluded.
According to the release, Nippon Steel will “honor all collective bargaining agreements with the United Steelworkers Union as part of our commitment to maintaining strong stakeholder relations,” and the headquarters will stay in Pittsburgh, Pa.
Nippon Steel stated that one of the key elements in the deal was the increased demand for steel under the Infrastructure Investment and Jobs Act.
“As the global economy changes and energy becomes more affordable in the United States, energy and manufacturing industries will return to the United States.” The infrastructure bill and spending are projected to cause an increase in steel demand in the future,” the business noted in a statement assessing the purchase.