U.S. Treasury Secretary Janet Yellen on Tuesday declined to answer questions about the upcoming sale of Pittsburgh-based U.S. Steel to Japanese company Nippon Steel for $14.9 billion.
“We will look at this … just as we look at any transaction from a national security perspective and try to make an informed judgment, but I can’t speak to the specifics,” Yellen said during a news conference in Philadelphia to highlight Pennsylvania’s entry into the free IRS Direct File program.
But Pennsylvania Gov. Josh Shapiro said he was “not happy” with the proposed takeover in its current form.
“Speaking from the perspective of the state as governor, if the U.S. Steelworkers are not happy with this agreement, which they are not, I am not happy with this agreement,” Shapiro said. “If I don’t see a future where U.S. Steel production continues here in the Commonwealth of Pennsylvania and expands beyond what it is now, then I am not happy. So I have some really serious concerns.”
The deal, announced in December, drew keen criticism from Pennsylvania lawmakers, including Democratic U.S. Sens. Bob Casey and John Fetterman and U.S. Rep. Chris Deluzio (D-17th District), who asked the Justice Department to block the sale. The three lawmakers criticized Japanese company Nippon Steel for having facilities in China, which they described as a “foreign adversary of the United States.”
Casey, Fetterman and Deluzio, along with U.S. Rep. Summer Lee (D-12th District), sent a letter to Nippon Steel demanding answers about the company’s involvement in Pennsylvania. The White House in December called for a “serious review” of the deal, which is being considered by Yellen’s Committee on Foreign Investment in the United States (CFIUS).
President Joe Biden said in March that it was “essential” that the 122-year-old company remain in American hands, a position he repeated during an April visit to the U.S. Steelworkers headquarters in Pittsburgh. The union has opposed the takeover.
Former President Donald Trump, the Republican presidential candidate, also criticized the takeover and vowed to block it if he wins another term.
U.S. Steel shareholders voted to approve the deal in April.
