Fetterman opposes ‘absurd’ U.S. Steel sale, vows to prevent it
OAN’s Brooke Mallory
11:13 AM – Tuesday, December 19, 2023
Senator John Fetterman has taken a bold stance against the $14.9 billion sale of U.S. Steel Corp. to Nippon Steel, a Japanese steel manufacturer, calling it an “outrageous” deal.
The announcement of the purchase on Monday caused a 25% increase in U.S. Steel’s stock price. Fetterman (D-Pa.) expressed his disapproval of the transaction by writing that it was ”wrong for workers and wrong for Pennsylvania” in a post on X, the website formerly known as Twitter.
“I’m gonna do everything I can to block it,” Fetterman wrote on X (Twitter).
“I live across the street from U.S. Steel’s Edgar Thompson plant in Braddock,” Fetterman said. “It’s absolutely outrageous that U.S. Steel has agreed to sell themselves to a foreign company. 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.”
In Pennsylvania, U.S. Steel “supported an estimated 11,417 jobs,” including over 3,700 direct jobs, according to a press release from October. The October report said that U.S. Steel contributed approximately $3.6 billion to the state and local economies in the fiscal year 2022.
In addition to reposting a video of his home immediately across from the Braddock, Pennsylvania, steel factory on the social media platform, Fetterman used his message to reaffirm his support for the state’s steelworkers.
“This is yet another example of hard-working Americans being blindsided by greedy corporations willing to sell out their communities to serve their shareholders. I stand with the men and women of the steelworkers and their union way of life,” he asserted.
“We cannot allow them to be screwed over or left behind. I promise to them and to all forgotten communities across Pennsylvania that I will work with [Sen. Bob Casey (D-Pa.)] and the rest of the delegation to fight like hell to make this right,” Fetterman continued.
The press release from U.S. Steel stated that the headquarters will stay in Pittsburgh, Pennsylvania, and that Nippon Steel will “honor all collective bargaining agreements with the United Steelworkers Union as part of its commitment to maintaining strong stakeholder relations.”
One of the contributing elements in the acquisition, according to Nippon Steel, was the increased demand for steel brought about by the Infrastructure Investment and Jobs Act.
“Energy and manufacturing industries [will] return to the U.S. under changes in the world economy structure and cheap energy in the U.S. The infrastructure bill and spending is expected to drive steel demand uptick moving forward,” the company wrote in a statement.
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What is the economic impact of U.S. Steel in Pennsylvania, and how would the sale to a foreign company potentially affect the state’s steelworkers and communities?
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Senator John Fetterman, a Democrat from Pennsylvania, has made headlines with his strong opposition to the $14.9 billion sale of U.S. Steel Corp. to Nippon Steel, a Japanese steel manufacturer. Fetterman called the deal “outrageous” and vowed to do everything he can to block it.
The announcement of the purchase on Monday caused a 25% increase in U.S. Steel’s stock price. Fetterman expressed his disapproval of the transaction through a post on social media platform X (formerly known as Twitter), stating that it is wrong for workers and wrong for Pennsylvania.
Fetterman, who lives across the street from U.S. Steel’s Edgar Thompson plant in Braddock, Pennsylvania, emphasized the importance of steel to both national security and the economic security of steel communities. He stated that it is unacceptable for U.S. Steel to sell itself to a foreign company and pledged to use his platform and position to block the sale.
The impact of U.S. Steel on Pennsylvania’s economy is significant, as the company supports an estimated 11,417 jobs, including over 3,700 direct jobs. In the fiscal year 2022, U.S. Steel contributed approximately $3.6 billion to the state and local economies.
In addition to his social media post, Fetterman shared a video of his home across from the Braddock steel factory, highlighting his personal connection to the steel industry and reaffirming his support for the state’s steelworkers. He criticized the sale as another example of greedy corporations willing to sacrifice communities for the benefit of shareholders.
Fetterman also pledged to work with Senator Bob Casey and the rest of the delegation to fight for the rights of steelworkers and forgotten communities across Pennsylvania. He promised to stand against being “screwed over or left behind” and to make things right for these communities.
U.S. Steel’s press release stated that the company’s headquarters will remain in Pittsburgh, Pennsylvania, and that Nippon Steel will honor all collective bargaining agreements with the United Steelworkers Union. This commitment reflects Nippon Steel’s dedication to maintaining strong stakeholder relations.
One of the contributing factors to the acquisition, according to Nippon Steel, is the increased demand for steel driven by the Infrastructure Investment and Jobs Act. The company expects a rise in steel demand as energy and manufacturing sectors return to the U.S., aided by changes in the global economy’s structure and the availability of cheap energy.
The controversy surrounding the sale of U.S. Steel Corp. to Nippon Steel highlights the complex issues of national security, economic impact, and the loyalty of corporations to their communities. Senator Fetterman’s opposition reflects the concerns of many who fear the consequences of foreign ownership of critical industries. The outcome of this ongoing debate will have lasting effects on the steel industry and the communities it supports.
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