Pa. lawmakers want sale of U.S. Steel blocked

Staff and wire reports
Members of Pennsylvania’s congressional delegation have asked the federal government to block the sale of U.S. Steel to a Japanese company.
In a Tuesday letter to U.S. Treasury Secretary Janet Yellen, Sens. Bob Casey and John Fetterman and U.S. Rep. Chris Deluzio said the planned $14.9 billion sale would be “a step backwards in our commitment to supply chain integrity and economic security.”
Yellen chairs the Committee on Foreign Investment in the United States.
The lawmakers urged the committee to block the sale. They expressed concerns about the national security implications of selling to a foreign company Pittsburgh-based U.S. Steel, which manufactures materials for such critical U.S. industries as defense, power and infrastructure.
“Steel is essential to our national security and we believe that the United States’ marquee steel company should remain under American ownership,” the lawmakers wrote.
They noted that the Committee on Foreign Investment in the United States reviews the national security risks of certain foreign direct investments in the U.S. economy — including mergers, acquisitions or takeovers that could result in foreign control of a U.S. business.

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