John Fetterman Speaks Out Against U.S. Steel Acquisition: 'I'm Gonna Do Everything I Can To Block It'

United States Steel Corporation X announced Monday that it will be acquired by Japan-based Nippon Steel Corporation in a transaction valuing the company at $14.9 billion.

Several prominent figures voiced strong reactions to the deal, including U.S. Senator John Fetterman (D-PA) and the president of the United Steelworkers (USW) union, David McCall.

What Happened: In a post on X on Monday, Fetterman made it clear that he's strongly against the U.S. Steel takeover deal. 

"The acquisition of U.S. Steel by a foreign company is wrong for workers and wrong for Pennsylvania. I’m gonna do everything I can to block it," he said.

In a video message attached to the same social media post, Fetterman added, "It is absolutely outrageous that they have sold themselves to a foreign nation ... I am committed to doing anything I can do from using my platform and my position to block this. And I am going to fight for the steelworkers and their union way of life as well ... we cannot ever allow them to be screwed over or left behind."

According to a report from the Pittsburgh Post-Gazette, fellow Pennsylvanian Democratic senator Bob Casey expressed much of the same sentiment.

"United States’ marquee steel company should remain under American ownership," he said, adding that the takeover "appeared to be a bad deal for Pennsylvania and Pennsylvania workers."

United Steelworkers president David McCall also opposed the deal in a statement released Monday. 

"To say we’re disappointed in the announced deal between U.S. Steel and Nippon is an understatement, as it demonstrates the same greedy, shortsighted attitude that has guided U.S. Steel for far too long," McCall said.

"We remained open throughout this process to working with U.S. Steel to keep this iconic American company domestically owned and operated, but instead it chose to push aside the concerns of its dedicated workforce and sell to a foreign-owned company."

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Nippon Steel is set to acquire U.S. Steel for $55 per share in an all-cash transaction, representing an equity value of approximately $14.1 billion plus the assumption of debt, for a total enterprise value of $14.9 billion.  The transaction has been unanimously approved by the board of directors of both Nippon Steel and U.S. Steel.

X Price Action: According to data from Benzinga Pro, U.S. Steel shares closed Monday up by 26.1% at $49.59.

Image: Governor Tom Wolf from Flickr.