Senator Vance to U.S. Steel: Refuse Foreign Buyout Bids

08/18/2023

In the interest of national security, Ohio’s U.S. Sen. J.D. Vance (R) is urging United States Steel Corp. to reject buyout offers from foreign entities. This follows news that U.S. Steel appears be on the cusp of being absorbed. In his news release, Sen. Vance says he sent a letter asking the Pittsburgh-based manufacturer to consider the interests of America’s industrial base as U.S. Steel weighs multiple bids, including from Ohio-based Cleveland-Cliffs. Cleveland-Cliffs says its proposal would create a company that would be among the 10 biggest steelmakers in the world — and one of the top four outside of China, which dominates global steel production. Cleveland-Cliffs CEO Lourenco Goncalves — a keynote speaker at the OMA’s Sept. 13 energy conference — said the proposal would ensure a “lower-cost, more innovative and stronger domestic supplier” for customers. 8/17/2023

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