Ohio U.S. Senator JD Vance (R-OH) slammed the recent sale of U.S. Steel Corporation to Japan’s largest steelmaker, Nippon Steel Corporation (NSC), in a statement Monday.
“Today, a critical piece of America’s defense industrial base was auctioned off to foreigners for cash,” Vance said. “I warned of this outcome months ago and will oppose it in the months ahead. U.S. Steel announced the sale by celebrating the ‘certain and immediate value’ to be delivered to its shareholders. But rest assured that I will interrogate the long-term implications for the American people, and I will do everything in my power to protect the future of our nation’s security, industry, and workers.”
The Japan-based NSC announced Monday it will acquire U.S. Steel in an “all-cash transaction at $55.00 per share, representing an equity value of approximately $14.1 billion plus the assumption of debt, for a total enterprise value of $14.9 billion.”
“The transaction will further diversify NSC’s global footprint by significantly expanding its current production in the United States, adding to its primary geographies of Japan, ASEAN, and India,” U.S. Steel wrote in a press release.
U.S. Steel, founded in 1901, prides itself as being the company that “made the steel that built America.” The company has provided steel for the construction of many famous structures across the U.S. as well as the construction of planes, ships, tanks, and other military equipment used by American forces during World War II.
Meanwhile, Ohio’s Vance says he’s been warning of the purchase of U.S. Steel for months.
In August, Vance sent a letter to the CEO and Chairman of U.S. Steel urging the company to reject any acquisition bid from a foreign entity, citing the vital role the domestic steel industry serves in defending the “security and prosperity” of the United States.
One month later, Vance published an op-ed published in The Washington Post raising concerns over the consequences of a potential sale of U.S. Steel would create for the U.S. industrial base, and commented on the effect the Revlon doctrine has on corporations facing purchase offers.
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Kaitlin Housler is a reporter at The Ohio Star and The Star News Network. Follow Kaitlin on X / Twitter.
Image “Sen JD Vance” by Sen JD Vance and “US Capitol” is by Carol Highsmith.
