Lawmakers Raise Concerns About Foreign Purchases of US Steel Firms
Sen. Jim Banks, R-Ind., and Rep. Frank Mrvan, D-Ind., urged the Trump administration May 5 to consider national security when reviewing foreign takeovers of U.S. steel companies.
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In a letter to Treasury Secretary Scott Bessent, the lawmakers warned that foreign ownership of the U.S. steel industry “risks ceding critical supply chains to foreign companies whose commercial interests may not always align with our national security interests.” They said measures to mitigate the national security risks of foreign control, such as temporarily placing U.S. citizens on boards of directors, would be insufficient to preserve the domestic steel sector.
The letter came five weeks after President Donald Trump ordered the Committee on Foreign Investment in the U.S. to conduct a 45-day review of Japan-based Nippon Steel Corp.’s proposal to purchase U.S. Steel (see 2504070015).