Staff Reports
Senator John Fetterman of Pennsylvania went on a tirade, raging against the sale of U.S. Steel to Japan’s Nippon Steel for a whopping $14.9 billion. Fetterman, along with some Republican pals, bemoaned the sale, insisting that it spells doom and gloom for America’s industrial base.
It seems Fetterman, illness and all, is far smarter than the rest of his party. https://t.co/Fcrb8sibe2
— Carl Gottlieb (@c_cgottlieb) December 19, 2023
Fetterman condemned the “outrageous” decision of the Pittsburgh-based company to hand over the reins to a foreign entity. He bellowed that the move is a double whammy, hurting both hardworking Americans and his beloved Pennsylvania. He even declared that he’d move mountains (or at least rant on his social media platform) to try and put the kibosh on this foreign sale.
And it wasn’t just Fetterman throwing a fit. Democratic bigwigs like Senator Bob Casey and Representative Chris Deluzio swooped in to defend the honor of Western Pennsylvania families who’ve slaved away at U.S. Steel for generations.
The Republican gang wasn’t about to let the Dems hog the spotlight. Senators J.D. Vance and Josh Hawley put pen to paper and fired off a letter to Treasury Secretary Janet Yellen, yelping about how the sale ignored national security interests and was basically a cash grab for shareholders. They even made a jab at the previous Democratic and Republican administrations, pointing out their shared zeal in propping up the steel industry. And of course, they made sure to pat former President Trump on the back for slapping tariffs on steel imports, a move that’s still being championed by the current administration.
A warning from Vance about the unseen perils lurking in this deal for the American people.Japan swiped the 122-year-old U.S. Steel for a hefty $55 a share in cold, hard cash, sending the stock price soaring by a whopping 40%. This jaw-dropping price tag outshined a previous bid from Cleveland-Cliffs, which offered a paltry $35 per share in a mix of cash and stock.
