Ohio’s Sen. Vance says he will oppose sale of U.S. Steel to Japanese firm

Republican Sen. J.D. Vance of Ohio said Monday he will fight the sale of U.S. Steel Corp. to Japan-based Nippon Steel Corporation.

“A critical piece of America’s defense industrial base was auctioned off to foreigners for cash,” Mr. Vance said. “I warned of this outcome months ago and will oppose it in the months ahead.”

The all-cash transaction of $14.9 billion was announced Monday.

“U.S. Steel announced the sale by celebrating the ‘certain and immediate value’ to be delivered to its shareholders. But rest assured that I will interrogate the long-term implications for the American people, and I will do everything in my power to protect the future of our nation’s security, industry and workers,” Mr. Vance said.

Democratic Sen. John Fetterman of Pennsylvania said he, too, will do whatever he can to block the sale. 

“It’s absolutely outrageous that U.S. Steel has agreed to sell themselves to a foreign company,” Mr. Fetterman said. “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 August, the Ohio Republican wrote a letter to the CEO and Chairman of U.S. Steel, urging the company to reject any bid that comes from another country.

“As the second largest integrated steelmaker in the country and a giant of American industry, the future of U.S. Steel will be consequential for the future of the U.S. steel industry,” he wrote. “I fear that the strategic review could undermine our national security if mismanaged in particular, I worry about the implications of an acquisition by a foreign entity that may not share your business’s storied connection to the United States.”

In a September op-ed published in The Washington Post, he also raised concerns over the consequences that a sale of the steel company could create for the U.S. industrial base.

U.S. Steel received multiple proposals from companies such as Cleveland-Cliffs Inc., and Esmark, Inc., along with reports showing that ArcelorMittal and Canada’s Stelco Holdings had also considered bids before it ultimately chose Nippon Steel.

“NSC has a proven track record of acquiring, operating, and investing in steel mill facilities globally — and we are confident that, like our strategy, this combination is truly best for all,” U.S. Steel President and CEO David Burritt said of the deal.