Casey, Fetterman, Deluzio Blast News of U.S. Steel Sale To Japanese Company

It did not take long for Pennsylvania’s U.S. Senators and a western Pennsylvania Congressman to react to the news that U.S. Steel would be sold to Japan’s Nippon Steel Company.

Nippon agreed to a sale price of $14.9 billion to purchase one of America’s most iconic companies which has its headquarters in Pittsburgh.

The $55 per share offer represents around a 40% premium to where U.S. Steel shares ended trading on Friday.

The deal will require regulatory approvals.

“U.S. Steel’s history is a part of so many Western Pennsylvania families—generations built a solid life working hard for the iconic America steel company,” said Rep. Chris Deluzio (D-17). “I am honored to represent the people who made the steel that built America.

“Our region knows all too well what it’s like to get screwed over, to see our hard work tossed aside and our good union jobs shipped overseas by corporate executives and Wall Street chasing cheap labor and fatter profits. Today’s announced sale to a foreign company feels like déjà vu all over again.

“This deal sounds an awful lot like a betrayal: of my community, of Steelworker jobs, and of American industrial leadership. Folks sent me to Washington to fight for us, and that’s exactly what I intend to do.”

A Republican from neighboring Ohio also said he would oppose the deal, as Sen. J.D. Vance (R-Ohio) says he will “interrogate the long-term implications for the American people.”

Republican candidate for U.S. Senate Dave McCormick also stood up for American workers, while taking a shot at Democratic leadership.

“But the painful truth is that U.S. Steel, long the dominant local player in the industry, has never had anywhere near the commitment to Pittsburgh as Pittsburgh had to the corporation, writes Chris Briem, a regional economist with the Urban & Regional Analysis program at the University of Pittsburgh’s University Center for Social and Urban Research.

“And now a company that became moribund in strategic direction and management practices will be acquired by one from a country — Japan — that had no modern steelmaking when Andrew Carnegie first built the Edgar Thomson Works at Braddock, but continued to innovate long after U.S. Steel stopped doing so.

“That U.S. Steel’s future was far from Western Pennsylvania has been clear for years. Not only has the company canceled major investments in its regional plants – investments that were vital to their future – but recent investments have been concentrated in locations such as Alabama and Arkansas.

Though it has been decades since any steel has been produced within the limits of the City of Pittsburgh proper, nostalgia for what steel production means, and in particular what U.S. Steel means, has long exceeded its reality in southwestern Pennsylvania.”

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By: Steve Ulrich
Title: Casey, Fetterman, Deluzio Blast News of U.S. Steel Sale To Japanese Company
Sourced From: www.politicspa.com/casey-fetterman-deluzio-blast-news-of-u-s-steel-sale-to-japanese-company/128964/?utm_source=rss&utm_medium=rss&utm_campaign=casey-fetterman-deluzio-blast-news-of-u-s-steel-sale-to-japanese-company
Published Date: Mon, 18 Dec 2023 20:49:03 +0000

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I'm a writer for lifestyle publications, and when I'm not crafting stories, you'll find me cherishing moments with my family, including my lovely daughter. My heart also belongs to my pets—Sushi, Snowy, Belle, and Pepper. Besides writing, I enjoy watching movies and exploring new places through travel.