Senator John Fetterman (D-Pa.) has pledged to take action to prevent the $14.9 billion sale of U.S. Steel Corp. to the Japanese steelmaker Nippon Steel, which he characterized as an “outrageous” move.
The announcement of the deal on Monday resulted in a 25 percent increase in the stock prices of U.S. Steel. Fetterman expressed his criticism of the sale on social media, specifically on X (formerly known as Twitter), stating that the move was “wrong for workers and wrong for Pennsylvania.” His vow to work against the sale suggests a concern for the impact on workers and the state.
“I’m gonna do everything I can to block it,” Fetterman wrote on X. Senator John Fetterman
“I live across the street from U.S. Steel’s Edgar Thompson plant in Braddock,” Fetterman said in a statement. “It’s absolutely outrageous that U.S. Steel has agreed to sell themselves to a foreign company. 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.”
As per an October press release, U.S. Steel claimed to have supported approximately 11,417 jobs in Pennsylvania, with over 3,700 individuals directly employed by the company. The same report estimated that U.S. Steel contributed $3.6 billion to the local and state economy during fiscal year 2022. These figures underscore the significant economic impact and employment contributions of U.S. Steel in the state.