Casey and Fetterman continue to press feds to block Nippon Steel acquisition of US Steel

28 June 2024- This week, U.S. Senators Bob Casey (D-PA) John Fetterman (D-PA) and Sherrod Brown (D-OH) raised the alarm that Nippon’s proposed purchase of U.S. Steel would destabilize America’s trade enforcement system—and in the process threaten American industry, workers, and national security.

The Senators wrote, “Nippon’s acquisition of U.S. Steel poses a grave threat to the international trade system that seeks to protect American manufacturers and workers from those who would unfairly dump steel into the American market. Given the clear and present threats that a Nippon Steel acquisition poses to American workers and a critical industry, we believe executive action to block this deal is urgent.”

In a letter to Treasury Secretary Janet Yellen, Commerce Secretary Gina Raimondo, and U.S. Trade Representative Katherine Tai, Casey, Fetterman, and Brown warn that Nippon Steel’s well-documented record of dumping steel products in the U.S. presents a clear conflict with our ability to continue to defend our domestic steel industry—and call on the Biden Administration to urgently block the deal. The Senators raised several concerns about the pending sale, including how Nippon could use U.S. Steel’s status as an American company to destabilize the trade enforcement system. The sale could not only impact domestic steel prices and cost Americans their jobs, but could potentially grant foreign steelmakers unprecedented and unchecked access to the U.S. market.

Senators Casey, Fetterman, and Brown have raised concerns about Nippon Steel’s proposed purchase of U.S. Steel since it was announced. Citing national security concerns, the Senators immediately pressed the Committee on Foreign Investment in the United States to block the sale.