March 13, 2025
Dear Secretary Yellen:
We represent a broad coalition of free-market, conservative, and individual liberty organizations united in our support of a market free of government interference – in this case Nippon Steel’s proposed acquisition of U.S. Steel.
Nippon Steel is paying $14 billion for U. S. Steel because free market tax and regulatory policies pursued over time have made the United States an attractive destination for foreign investment. In particular, lowering the corporate income tax rate from 35 percent (the highest in the developed world) to 21 percent, along with providing full business expensing, neutral treatment of interest derived from investment debt, and full research deductibility (all vital to steel manufacturers) have vastly improved the U.S. investment climate.
Additionally, if Nippon Steel purchases U. S. Steel it will maintain all plants and workers in the United States, a big improvement over a status quo where the American steel industry lost workers nearly every year since World War II. If U.S. Steel is acquired by a competitor other than Nippon Steel, there is no doubt these job slides will continue.
The combination of Nippon Steel and U.S. Steel will create one of the world’s largest and most globally competitive steel companies. Finally, the United States–along with our longtime allies in Japan–will be able to challenge the socialist, government-subsidized Chinese steel industry anywhere in the world. A free market steel industry that comes from democratic republics will give emerging countries a better choice against China than they have today. There is no understating both the soft and hard power advantages to this for the United States.
The acquisition of U.S. Steel by Nippon Steel is a good outcome from our perspective, and we urge the Administration to let it proceed without political interference.
Sincerely,
Charles Sauer
Market Institute
Grover Norquist
Americans for Tax Reform
John Tamny
Parkview Institute
David McIntosh
Club for Growth
Gerard Scimeca
Case for Consumers
Steve Moore
Unleash Prosperity Network
James Martin
60 Plus
Dan Mitchell
Center for Freedom and Prosperity
James Edwards
Conservatives for Property Rights
Jason Pye
Freedomworks
George Landrith
Frontiers of Freedom
Jeff Cargerman
Inventor’s Project
Terry Neese
National Grassroots Network
Yael Ossowski
Consumer Choice Center
Tom Giovanetti
Institute for Policy Innovation
Ryan Ellis
Center for a Free Economy
Pete Sepp
National Taxpayers Union
Phil Kerpen
American Commitment
Angela McArdle
Libertarian National Committee
Ryan Young
Competitive Enterprise Institute
Jeff Mazzella
Center for Individual Freedom
Saul Anuzis
American Association of Senior Citizens
Julie Cho
Fairer America
James Davis
Fans for Fair Play
Colonel Rob Maness
Gator PAC
James Golden
New Journey PAC
Norm Singleton
US Policy
Mario H. Lopez
Hispanic Leadership Fund
Ralph Benko
Capitalist League
Steve Pociask
American Consumer Institute
Tom Hebert
Open Competition Center
Lisa Cathy
African American Education Alliance
Donny Ferguson
Americans for a Better Economy
Donna Jackson
Project 21
Joshua Delano
Southeast Texans for Liberty
David Williams
Taxpayer Protection Alliance
Gene Mills
Louisiana Family Forum
Karen Kerrigan
Small Business and Entrepreneurship Council
Paul Gessing
Rio Grande Foundation
Patrick Brenner
Southwest Public Policy Center
Autry Pruitt
MAGA Black
Casey Given
Young Voices
Jerry Rogers
Institute for Liberty