(NewsNation) — Several members of Congress, on both sides of the aisle, are opposing the sale of a major American manufacturer. Rep. Chris Deluzio, D-Pa., is one of the lawmakers working to block the sale of U.S. Steel to Japan’s largest steelmaking company.
“This is bad for the country. This is bad for folks in western Pennsylvania,” Deluzio tells “The Hill” moderator Blake Burman.
Deluzio says he represents people who have made steel for generations and who will continue to make it. He says U.S. Steel’s $14.9 billion sale to Nippon Steel doesn’t sit right with him.
“This feels like a gut punch to a community like mine that’s seen the same story play out time and time again. Your hard work doesn’t matter if it’s in the way of profit,” Deluzio said.
Deluzio explains there are two main issues at hand: national security and impacts on steel workers.
“This is a clear concern around national security. And you throw on top of it the disregard for the union steel workers. The steel workers, the folks who work at USW, have a contract that gives them the right to be notified and consulted on a deal like this,” Deluzio says.
In its announcement, U.S. Steel said Nippon Steel will “honor all collective bargaining agreements with United Steelworkers Union as part of commitment to maintaining strong stakeholder relations” and that the headquarters will stay in Pittsburgh.
The deal prompted stock prices of U.S. Steel to jump up 25 percent.
“We should expect more of them than just chasing the absolute maximum profit they can. That is the definition of what has happened in the shareholder maximization myth that Wall Street pedals and loves, and it has gutted out communities like mine,” Deluzio says. “We’ve had enough of it.”
Deluzio isn’t alone. Sen. John Fetterman, D-Pa., said he’s going to do everything he can to stop it. Nippon Steel insists the sale will combine world-leading technologies and manufacturing capabilities to better serve people in the U.S. and around the world.
The Hill contributed to this report.
