Senator Vance urges U.S. Steel to reject foreign acquisition

WASHINGTON, D.C. – Senator JD Vance (R-OH) sent a letter to the United States Steel Corporation (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. 

Senator Vance's letter to U.S. Steel reads, in part:

"The endurance of President Trump’s Section 232 tariffs on steel imports demonstrates that the preservation of the domestic steel industry remains vital to our national security. As the second largest integrated steelmaker in the country and a giant of American industry, the future of U.S. Steel will be consequential for the future of the U.S. steel industry. 

"I fear that the strategic review could undermine our national security if mismanaged. In particular, I worry about the implications of an acquisition by a foreign entity that may not share your business’s storied connection to the United States. As you evaluate offers to acquire U.S. Steel or any of its assets, I urge you to balance properly your duty to your shareholders and the interests of your country. I ask that you consider the effects of any decision to America’s industrial base and national security and insist that you reject any bids to acquire U.S. Steel or its assets from a foreign entity."

Read Senator Vance's full letter here: https://www.vance.senate.gov/wp-content/uploads/2023/08/Senator-Vance-l…;