A portion of US Steel's Edgar Thomson Plant in Braddock, Pa., on Monday, Dec. 18, 2023. U.S. Steel, the Pittsburgh steel producer that played a key role in the nation's industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion. Associated Press

GJP

U.S. Treasury Secretary Janet Yellen on Tuesday declined to answer questions about the pending $14.9 billion sale of Pittsburgh-based U.S. Steel to Nippon Steel of Japan.

“We will look at it … as we would look at any transaction from a national security perspective and try to make a reasonable judgment, but I’m not able to talk about the specifics,” Yellen said during a news conference in Philadelphia to highlight Pennsylvania joining the IRS free Direct File tax program.

But Gov. Josh Shapiro said he is not “happy” with the proposed acquisition as it currently stands.

“If the U.S. Steelworkers aren’t happy with this deal, which they are not, I’m not happy with this deal,” Shapiro said. “If I don’t see a future where U.S. Steel manufacturing continues here in the Commonwealth of Pennsylvania, and is expanded from what is happening right now, I’m not happy. So I’ve got really serious concerns.”

The deal, announced in December, drew sharp criticism from Pennsylvania lawmakers, including Democratic U.S. Sens. Bob Casey and John Fetterman, and U.S. Rep. Chris Deluzio D-17th, who asked the Department of Justice to block the sale. The three lawmakers criticized Japan-based Nippon Steel for having facilities in China, which they described as a “foreign adversary of the U.S.”

Casey, Fetterman and Deluzio along with U.S. Rep. Summer Lee, D-12th, sent a letter to Nippon Steel demanding answers about the company’s commitment to Pennsylvania. The White House in December called for “serious scrutiny” of the deal, which is under review by the Committee on Foreign Investment in the United States (CFIUS), of which Yellen is chairperson.

President Joe Biden said in March it was “vital” that the 122-year-old company remain in American hands, a stance he reiterated in an April visit to the U.S. Steelworkers’ headquarters in Pittsburgh. The union has opposed the acquisition.

Former President Donald Trump, the GOP nominee for president, has also criticized the acquisition, and pledged to block it if he wins another term.

U.S. Steel shareholders voted to approve the deal in April.

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