U.S. Senators Call For Investigation into U.S. Steel Takeover Deal

SEATTLE (Scrap Monster): U.S. Senators Sherrod Brown and Shelley Moore Capito have called upon the Biden administration to initiate investigation on the potential sale of United States Steel Corporation (U.S. Steel) to Japanese steelmaker, Nippon Steel. It must be noted that Pittsburgh-based U.S. Steel had agreed to sell the company to Nippon Steel in December last year.

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Senator Brown raised concerns over Nippon Steel’s relationship with Chinese steel industry. Also, the Japanese company has so far not shown any interest in talking to American steelworkers. The Senator has sent multiple letters to President Biden cautioning on the various aspects of the transaction that could pose threat to the economy and people of the country. He alleged that American workers are seen having no voice in the transaction between both the companies.

Senator Moore Capito too has been highlighting the need to keep invaluable domestic resources out of control of foreign entities. It would be dangerous that other countries take control over U.S. assets, he noted. A detailed investigation into the deal is essential in order to keep the American steel industry out of the hands of foreign countries, he added.

Both U.S. Senators reiterated their commitment to fight the sale.