Foreign Purchase of US Steel Will Help Firm Rebound, Lawmaker Says
Rep. Mike Kelly, R-Pa., whose state hosts the headquarters of U.S. Steel, said Aug. 8 that he remains pleased that Japan-based Nippon Steel completed its acquisition of the American company in June (see 2506160036), saying the deal will provide the domestic steelmaker with much-needed investment.
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The takeover “enables U.S. Steel to get back on its feet and regain its promise,” Kelly told reporters at the U.S. Capitol. Nippon Steel plans to invest about $11 billion in U. S. Steel by 2028.
Under a national security agreement, the U.S. government will have a veto over certain decisions by Nippon Steel, including any relocation of U.S. Steel’s headquarters from Pittsburgh. The United Steelworkers union opposed the deal, saying foreign ownership of U.S. Steel would harm domestic steelmaking (see 2505220065).