Pisciottano responds to pending sale of U.S. Steel

Rep. Nick Pisciottano    December 18, 2023 | 4:51 PM

PITTSBURGH, Dec. 18 – In response to the announcement of U.S. Steel’s pending sale to Japan’s Nippon Steel, state Rep. Nick Pisciottano released the following statement:

“I am disappointed an iconic American company has orchestrated a deal to sell itself to a foreign-owned corporation. My chief concern is the future of steelmaking in the historic Steel Valley and the risk to direct and ancillary jobs that have employed generations in Allegheny County and the surrounding region. While I hope that any future ownership of plant assets recognize that we have the best workforce on the planet ready to manufacture the next generation of high-quality steel, I am concerned that we are seeing another round of offshoring that we will look back on with regret in the near future.

“More broadly, I think it is worth asking how a corporation that was once the largest in the world and a symbol of the United States’ economic might has reached the point where it was willing to sell itself to foreign investors. As we work to bring good jobs back to America, it’s disheartening to see U.S. Steel’s leadership play both ends against the middle by taking support from taxpayer dollars while negotiating a deal to sell the company to foreign interests. Steel tariffs instituted by the federal government and incentives from Harrisburg and Washington D.C. have boosted the competitiveness of American steel companies – that money is meant to create family-sustaining jobs, not record profits for shareholders and golden parachutes for U.S. Steel executives, while leaving the local communities and steelworkers behind.

“I will always fight for programs to encourage investment here in the United States and protect our domestic production of key materials like steel in the Mon Valley and throughout Pennsylvania. What I will not tolerate is workers and their communities yet again being forced to endure the fear and uncertainty about their future when Wall Street and well-heeled executives devise a scheme to offshore our nation's productive capacity in the shortsighted pursuit of a short term profit.”

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