High domestic demand for steel, changes in the structure of the global economy, and new U.S. legislation were all cited by Nippon Steel as factors in the deal.
U.S. Steel’s stock prices rose 25 percent on news of the deal, jumping from around $40 per share to $50 per share in Monday morning trading, still well below the offer price.
But shortly after the sale dominated headlines, Fetterman vowed on Twitter to do everything he could to “block” the deal.
“I live across the street from U.S. Steel’s Edgar Thompson plant in Braddock,” Fetterman said in a statement.
“It’s absolutely outrageous that U.S. Steel has agreed to sell themselves to a foreign company. Steel is always about security — both our national security and the economic security of our steel communities. I am committed to doing anything I can do, using my platform and my position, to block…