PITTSBURGH (KDKA) — The proposed acquisition of U.S. Steel by a Japanese steelmaker puts the treasury secretary in the middle of a controversial deal.
Local elected officials have called on Treasury Secretary Janet Yellen to stop the transaction. In an exclusive interview, KDKA-TV political editor Jon Delano pressed Yellen on what she was going to do.
Many people in Pittsburgh were shocked in December when the iconic U.S. Steel corporation accepted a $14.9 billion deal to be acquired by Nippon Steel, Japan’s largest steelmaker.
That brought immediate howls from the United Steelworkers Union and a bipartisan group of elected officials, including Sens. Casey and Fetterman and Congressman Deluzio, who called on Yellen to block the transaction.
“I head a body called CFIUS. It stands for the Committee on Foreign Investment in the United States, and we are charged with examining foreign direct investments in the United States to see if they have negative implications for national security,” Yellen said.