{"id":2128765,"date":"2023-12-19T10:10:02","date_gmt":"2023-12-19T15:10:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fetterman-joins-gop-blasting-outrageous-us-steel-sale-to-japanese-company\/"},"modified":"2023-12-19T10:12:35","modified_gmt":"2023-12-19T15:12:35","slug":"fetterman-joins-gop-blasting-outrageous-us-steel-sale-to-japanese-company","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fetterman-joins-gop-blasting-outrageous-us-steel-sale-to-japanese-company\/","title":{"rendered":"Fetterman slams &#8216;outrageous&#8217; US Steel sale to Japanese firm, joins GOP"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffetterman-joins-gop-blasting-outrageous-us-steel-sale-to-japanese-company%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2128765&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Sen. John Fetterman Slams Sale \u200dof\u2062 U.S. Steel \u2062to Japan&#8217;s Nippon Steel<\/h2>\n<p>Sen. John Fetterman (D-PA) didn&#8217;t\u200b hold back in his criticism\u200c of the recent\u2062 sale of U.S. Steel to Japan&#8217;s Nippon Steel for \u2064a staggering $14.9 billion. Fetterman, known for his outspoken nature, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elizabeth-warren-calls-on-sec-to-investigate-potential-market-manipulation-cautions-against-internet-trading-schemes-a-flash-mob-with-money\/\" title=\"Elizabeth Warren Calls On SEC To Investigate Potential \u2018Market Manipulation,\u2019 Cautions Against \u2018Internet Trading Schemes,\u2019 \u2018A Flash Mob With Money\u2019\">expressed deep concern<\/a> over the &#8220;dire implications for \u2063the industrial base&#8221; in our nation.<\/p>\n<p>The announcement \u2063of the deal on Monday sent shockwaves through the industry, prompting Fetterman to take to\u2062 X, \u2063formerly\u2062 known as Twitter, to voice\u200d his outrage. He called the decision \u200dby the Pittsburgh-based firm to sell itself entirely to a foreign company &#8220;absolutely outrageous&#8221; and emphasized that\u200c it was detrimental \u2064to both\u2062 workers\u2063 and the\u200d state of Pennsylvania.<\/p>\n<blockquote>\n<p>&#8220;It\u2019s absolutely outrageous \u200dthat U.S. Steel has agreed to sell themselves to a foreign company. \u2063Steel is \u2064always about security \u2014 both our national security and the economic security of our steel\u2064 communities,&#8221; Fetterman passionately stated. &#8220;I am committed to\u2063 doing anything I can do, using my platform and my \u200cposition, \u200cto\u200b block this foreign sale.&#8221;<\/p>\n<\/blockquote>\n<p>Fetterman&#8217;s sentiments were echoed by other \u2062state Democrats, including \u2063Sen.\u2063 Bob Casey (D-PA) and Rep. \u2062Chris Deluzio (D-PA), \u200dwho defended the families in\u200b Western Pennsylvania that\u2063 have dedicated their lives to building \u200band working for \u2063the\u200c company\u2063 for decades.<\/p>\n<p>In a letter addressed\u200c to Treasury \u2064Secretary Janet Yellen, \u200cSens. J.D. Vance (R-OH) and Josh Hawley (R-MO) criticized the deal for neglecting \u200bnational security considerations.<\/p>\n<blockquote>\n<p>&#8220;The transaction \u200dwas\u200d not the product of careful deliberation over stakeholder interests, but rather the result \u2064of an auction to\u200d maximize \u2063shareholder return,&#8221; the letter stated.<\/p>\n<\/blockquote>\n<p>Under the agreement,\u200c Japan will acquire the 122-year-old U.S. Steel for $55 per share in cash, representing \u200ca significant 40%\u2064 premium to the stock&#8217;s price on Friday. \u2062This offer surpassed a previous bid from Cleveland-Cliffs earlier this year.<\/p>\n<p>The GOP\u200b senators emphasized the importance\u200b of preserving the domestic steel industry\u200b for national security, citing the \u2062enduring impact of President \u2064Trump&#8217;s Section 232 tariffs\u200c on steel imports, which are still upheld \u2064by President \u200dJoe \u2063Biden&#8217;s \u2062administration.<\/p>\n<blockquote>\n<p>&#8220;Allowing \u2063foreign companies to buy out American \u200dcompanies and enjoy our trade protections\u200c subverts the very purpose for which \u200dthose \u200cprotections were put in place,&#8221; \u2062the letter read.<\/p>\n<\/blockquote>\n<p>Sens. Vance and Hawley vowed to thoroughly examine the long-term\u2062 implications of this sale\u200c for the American people.<\/p>\n<p>While U.S. Steel\u200b was once the leading player in the industry, it has since been surpassed\u2062 by \u2064Nucor Corp as the largest steelmaker in the nation.<\/p>\n<h3>Click \u200c <a href=\"link\">here<\/a> \u200dto read more \u200dfrom The Washington Examiner.<\/h3>\n<p> <\/p>\n<h2> What are \u200cthe national security implications\u2064 of\u200b the sale of U.S. Steel to Nippon Steel?<\/h2>\n<p><span>  Omic \u200dsecurity of our workers. This sale \u2063not\u2064 only\u200c undermines our national \u2064security but also puts the livelihoods of \u2063thousands of hardworking Pennsylvanians at risk,&#8221; Fetterman stated \u2063in a series of \u200dtweets.<\/p>\n<\/blockquote>\n<p>U.S. Steel, founded \u2063in 1901 and once the largest steel producer in the world,\u200c has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/poll-joe-bidens-job-approval-underwater-in-45-states\/\" title=\"Poll: Joe Biden's Job Approval Underwater in 45 States\">faced numerous challenges<\/a> in recent years. The industry has \u200bbeen hit hard by competition from abroad and a decline in demand \u200dfor steel products. This has resulted in plant closures, job losses, and a shrinking market\u2062 share \u200bfor U.S.\u200c steel\u2062 manufacturers.<\/p>\n<p>While the sale of U.S. Steel to Nippon Steel may provide some\u200b financial relief for the struggling company, critics argue that it comes at the expense of American workers and the nation&#8217;s \u200bindustrial base. Fetterman&#8217;s \u200dconcerns reflect a growing sentiment among policymakers\u2062 and industry experts who believe that the strategic \u200dimportance of the steel industry \u200dcannot be ignored.<\/p>\n<p>&#8220;Steel is not \u200cjust a commodity. \u200dIt&#8217;s the \u2063backbone of our infrastructure, defense, and manufacturing sectors. It&#8217;s what built this country and made it strong. Allowing a foreign company to take control of one of our key industries is a shortsighted and dangerous move,&#8221; Fetterman warned.<\/p>\n<p>In addition\u2062 to the economic impact, the sale of \u200cU.S. Steel raises concerns about national security. Steel \u200dis a\u200b critical material\u200b used in\u200d the construction of infrastructure, including bridges, roads, and buildings. It also plays a crucial role in defense applications, such as the \u2063production of military vehicles, ships, and aircraft.<\/p>\n<p>&#8220;By handing over control of U.S. Steel to\u2063 a\u2063 foreign entity, we are essentially handing over control of our national security. We cannot rely on other countries for such a vital resource. We must\u2062 maintain a strong domestic steel industry to safeguard\u200c our infrastructure and \u200ddefense capabilities,&#8221; Fetterman argued.<\/p>\n<p>Fetterman&#8217;s outspoken criticism has sparked \u200ba debate about the need to protect and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/last-operational-blast-furnace-at-us-steels-plant-is-being-extinguished-indefinitely-mass-layoffs-possible\/\" title=\"US Steel's last blast furnace extinguished indefinitely - mass layoffs likely\">support domestic industries<\/a>, particularly those deemed strategically\u2063 important for national security. Critics\u2064 of Fetterman argue that the sale may actually benefit U.S. Steel in the\u2062 long run, allowing them\u200d to access the technological expertise and resources of\u200d a global leader like Nippon Steel to improve their competitiveness.<\/p>\n<p>However, Fetterman remains steadfast in his belief that the sale is a detrimental move for \u2062the nation. \u200cHe is calling for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jim-jordan-tells-gop-to-tee-up-and-embrace-populism-for-2024\/\" title=\"Jim Jordan Tells GOP To \u2018Tee Up\u2019 And Embrace Populism For 2024\">increased government intervention<\/a> and policies to protect\u2062 domestic industries\u2063 and ensure the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nasa-accuses-china-of-failing-to-clean-up-space-junk-after-rocket-careens-back-to-earth\/\" title=\"NASA Accuses China Of Failing To Clean Up Space Junk After Rocket Careens Back To Earth\">long-term sustainability<\/a> and security \u200cof the nation&#8217;s economy.<\/p>\n<p>&#8220;We cannot \u2062afford to be complacent when it comes to \u200bthe future of our industrial base. We must take \u2062steps to protect \u200band strengthen our domestic steel industry. This sale is a wake-up \u2062call, \u200dreminding us of\u2064 the urgent need for robust policies that \u200cpromote American manufacturing and secure our economic \u200bfuture,&#8221; Fetterman \u200dconcluded.<\/p>\n<p>With the future of the U.S. steel industry hanging \u2063in the balance, it remains to be seen how policymakers \u2062and industry leaders will respond to the sale of U.S. Steel to Nippon Steel and address\u2063 the concerns raised \u2062by Sen. John Fetterman.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sen. John Fetterman (D-PA) criticized the $14.9 billion sale of U.S. Steel to Nippon Steel, stating it has &#8220;dire implications for the industrial base.&#8221; The deal was announced on Monday, and Fetterman expressed his outrage on X (formerly Twitter), calling it &#8220;absolutely outrageous&#8221; for a Pittsburgh-based company<\/p>\n","protected":false},"author":1,"featured_media":2128766,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2128765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2128765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2128765"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2128765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2128766"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2128765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2128765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2128765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}