Senators Work to Block Japanese Company's Purchase of US Steel

Monday’s announcement that U.S. Steel will be sold to the Japanese company Nippon Steel led to backlash from politicians on both sides of the aisle.

For Context: On Monday, Nippon Steel reached a deal to purchase U.S. Steel for $14.9 billion in cash. U.S. Steel was founded in 1901 and was instrumental in the nation’s recovery from the Great Depression and the Second World War, but the company has underperformed in recent quarters, leading to a bidding war.

Key Quotes: Sen. John Fetterman (D-PA) called the deal “absolutely outrageous,” adding, “Steel is always about security — both our national security and the economic security of our steel communities. I am committed to doing anything I can do, using my platform and my position, to block this foreign sale.” Sen. JD Vance (R-OH), Sen. Josh Hawley (R-MO), and Sen. Marco Rubio (R-FL) wrote a letter asking the Committee on Foreign Investment in the United States to block the deal, stating, “Allowing foreign companies to buy out American companies and enjoy our trade protections subverts the very purpose for which those protections were put in place.” Sen. Bob Casey (D-PA) said the deal “appears to be a bad deal for Pennsylvania and for Pennsylvania workers. I’m concerned about what this means for the Steelworkers and the good union jobs that have supported Pennsylvania families for generations.”

How the Media Covered It: Outlets across the spectrum primarily covered the backlash against the acquisition, highlighting national security and economic concerns.