© Reuters. Senate candidate JD Vance campaigns in Boardman, Ohio, U.S., February 16, 2022. REUTERS/Gaelen Morse/File Picture
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(Reuters) -Three U.S. Senators have urged Treasury Secretary Janet Yellen to dam the $14.9 billion acquisition of U.S. Metal by Japan’s Nippon Metal, citing nationwide safety.
Nippon clinched a deal on Monday to purchase U.S. Metal for $14.9 billion in money, prevailing in an public sale for the 122-year-old iconic steelmaker over rivals resembling Cleveland-Cliffs (NYSE:), ArcelorMittal (NYSE:) and Nucor (NYSE:).
“Regardless of the absence of any security-focused deliberation on U.S. Metal’s half, home metal manufacturing is important to U.S. nationwide safety,” based on the letter on Tuesday from Republican Senators JD (NASDAQ:) Vance, Josh Hawley and Marco Rubio.
Yellen can be the chair of the Committee on Overseas Funding in the USA (CFIUS), a panel that scrutinizes offers for potential nationwide safety dangers. The CFIUS is anticipated to evaluate the transaction.
At the least three Democratic senators, Sherrod Brown, John Fetterman and Joe Manchin, have additionally expressed opposition to the deal.
The United Steelworkers union, which represents hundreds of staff on the storied steelmaker, has additionally come out towards the transaction.