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WASHINGTON — Lael Brainard, director of the U.S. National Economic Council, on Dec. 21 expessed concern about a planned $14.1 billion acquisition of U.S. Steel Corp. by Nippon Steel Corp., which is opposed by U.S. unions and some members of Congress.
Brainard said in a statement, “The president believes U.S. Steel was an integral part of our arsenal of democracy in World War II and remains a core component of the overall domestic steel production that is critical to our national security. And he has been clear that we welcome manufacturers across the world building their futures in America with American jobs and American workers.
“However, he also believes the purchase of this iconic American-owned company by a foreign entity — even one from a close ally — appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability. This looks like the type of transaction that the interagency committee on foreign investment Congress empowered and the Biden Administration strengthened is set up to carefully investigate. This administration will be ready to look carefully at the findings of any such investigation and to act if appropriate.
“Steel is the backbone of American manufacturing on everything from infrastructure to cars to our clean energy future. Since President Biden took office, 800,000 manufacturing jobs have been created. Because of President Biden’s policies, factories are coming back home, jobs are coming back home, American companies are making things in America again.
“The Bipartisan Infrastructure law, Inflation Reduction Act, and Chips and Science Act are fueling a Made in America manufacturing rebound. President Biden has taken action to protect the U.S. steel companies against unfair and market-distorting trade practices in China and other countries.
“The United Steelworkers (USW) has been a leader in all of these efforts, and are an example of why union leadership is critical in building the economy from the middle out and bottom up. President Biden believes union workers are the best workers in the world.
“And that’s why his administration is committed to doing everything it can to ensure steelworkers can compete on a level playing field, through policies that both combat unfair trade practices and recognize that a strong U.S domestic steel industry is vital to our economy and national security.”
On Dec. 19, Sens. Bob Casey and John Fetterman (both D-Pa.), and Rep. Chris Deluzio (D-Pa.) sent a letter to Treasury Secretary Janet Yellen, chair of the Committee on Foreign Investment in the U.S., urging CFIUS to block the proposed acquisition. The members raised concerns with the national security implications of selling a company manufacturing for important industries, including defense, power, and infrastructure, to a foreign company.
The senators wrote, “With the passage of the Inflation Reduction Act, the Infrastructure Investment and Jobs Act, and the CHIPS and Science Act, the United States has acted to make the U.S. market the most competitive in the world and to reshore critical supply chains. Allowing for the ownership of a major industrial participant in infrastructure and clean energy investments to be acquired by a foreign entity would be a step backwards in our commitment to supply chain integrity and economic security.”
The letter to Yellen follows a letter that Casey, Fetterman, Deluzio, and Rep. Summer Lynn Lee (D-Pa.) sent to Nippon Steel demanding answers about the Japanese-based company’s commitment to Pennsylvania workers and the United Steelworkers.
On Dec. 22, Nippon Steel said in a statement that the company believes the acquisition will benefit all stakeholders, adding that it will engage in dialogue with parties concerned to seek their understanding.