Staff Reports
The mainstream media is abuzz with news that three Republican senators, J.D. Vance, Josh Hawley, and Marco Rubio, are demanding that President Biden slam the brakes on the sale of the United States Steel Corporation to Japan’s largest steelmaker. As reported by our friends over at Breitbart News, the nearly $15 billion deal would see the iconic American steel giant fall into the hands of a Japanese company.
Sens. Vance, Hawley, Rubio Call on Joe Biden to Block 'Deeply Flawed' Japanese Co. from Buying U.S. Steel https://t.co/s1oiqgc2vy pic.twitter.com/JVeWnbATpw
— Tommy Robinson News (@TRobinsonNews) December 20, 2023
In a fiery letter to Treasury Secretary Janet Yellen, who chairs the Committee on Foreign Investment in the United States (CFIUS), the senators warned of the grave implications of such a transaction. They argued that the sale was driven purely by a desire to maximize value for shareholders, without due consideration for national security and the American industrial base.
The senators raised concerns about Nippon Steel Corporation’s (NSC) track record, citing violations of U.S. trade law and receiving billions in subsidies from the Japanese government. They painted a grim picture of how the acquisition would worsen the already massive U.S. trade deficit and jeopardize national security.
What’s more, the sale hits close to home for Pennsylvania, where the U.S. Steel Corp.’s Edgar Thomson Works steel mill stands as a symbol of American might, forged during World War II. The steelmaker played a pivotal role in transforming the U.S. into the world’s largest steel producer and forming the backbone of the nation’s defense arsenal during the war.
The senators argued that allowing a foreign entity with questionable allegiances to take control of such a crucial American asset would be a slap in the face to the hardworking steelworkers and the legacy of U.S. Steel. They even drew comparisons to former President Trump’s firm stance against foreign acquisitions of American companies, emphasizing the need to protect domestic industries and jobs from being sold off to overseas interests.
Joining the senators in their call to action is Senator John Fetterman, a Democrat from Pennsylvania, who is equally outraged by the sale and has pledged to fight tooth and nail to block it. The United Steelworkers (USW) union has also jumped on the bandwagon, condemning the sale as a shortsighted betrayal of American workers and legacy.
This high-stakes battle over the future of U.S. Steel has ignited a fierce bipartisan outcry, with both Republicans and Democrats united in their determination to thwart what they see as a dangerous sellout of American interests. Stay tuned as this showdown unfolds, and we witness whether the Biden administration heeds the impassioned pleas to protect one of America’s most iconic industries.
