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Japan-based Nippon Steel Corporation is set to acquire U.S. Steel Corporation, one of America’s leading steel companies, despite alternative offers from multiple American steel companies and consortiums of investors. The steel industry remains critical to the United States for manufacturing, defense, and other critical capabilities. Allowing a leading steel company to be controlled by a foreign nation, even an ally, raises serious economic and national security concerns, especially since there are viable options to maintain American ownership.

U.S. Senators Marco Rubio (R-FL), J.D. Vance (R-OH), and Josh Hawley (R-MO) sent a letter to U.S. Treasury Secretary and Chair of the Committee of Foreign Investment in the United States (CFIUS) Janet Yellen urging CFIUS to block the acquisition.

• “Allowing foreign companies to buy out American companies and enjoy our trade protections subverts the very purpose for which those protections were put in place.

• “The Committee cannot rebalance American trade or reshape its corporate governance, but it can mitigate some of the worst consequences of both. It can and should block the acquisition of U.S. Steel by NSC, a company whose allegiances clearly lie with a foreign state and whose record in the United States is deeply flawed.”

Click here for the full text of the letter.