“I am committed to doing anything I can do, using my platform and my position, to block this foreign sale,” US Sen. John Fetterman said in regards to US Steel selling themselves to a foreign company.
Pittsburgh-based US Steel has agreed to sell itself to Japanese giant Nippon Steel for $14.1 billion, the companies announced Monday.
US Steel, which played a key role in the country’s industrialization, was purchased in an all-cash transaction by the Japanese steel manufacturer, and the total worth of the transaction is roughly $14.9 billion when including US Steel’s debt.
“This is going to increase competition here in the United States with a great ally to the United States,” US Steel CEO David Burritt answered when asked about potential concerns from US regulators over security concerns. “It’s a great fit and we do not see that as a high level risk factor. We’d say low level of risk.”
News of the transaction immediately led to pushback from Democratic legislators.
US Sen. John Fetterman filmed a video, which was posted to Twitter, on top of the roof of his house across the street from US Steel’s Edgar Thompson plant in Braddock.
“I have to say that it’s absolutely outrageous that they have sold themselves to a foreign nation and a company,” Fetterman said in the video.
Fetterman went on to say in a statement that he is committed to using his platform or position to block the sale of US Steel.
“I am committed to doing anything I can do, using my platform and my position, to block this foreign sale,” he said.
“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. We cannot allow them to be screwed over or left behind.
US Sen. Bob Casey (D-Pennsylvania) issued a statement calling the sale 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,” Casey said.
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