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David McCormick: “It would continue to be a US Company because of the…”

Featuring: David McCormick, Republican | U.S. Senate, Pennsylvania

Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal

Published September 18, 2025 | Video Starts at 10:55

And the President was convinced. And I think the most important thing about it was the national security protections that were put in place with the Golden Share, the notion that It would continue to be a US Company because of the headquarters, keep the name, a US Board, a US CEO. the opportunity to partner with Nippon in a way that would be greatly advantageous to Nippon. This has to work for both sides. (10:55–11:03)

CLAIM

Asserts that the company would remain a US entity with a US headquarters, board, and CEO.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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David McCormick

“In 1950, Pittsburgh had more corporate headquarters than any other major city in the country.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 13:21-13:28
“The second was the announcement of a $20 billion investment of Amazon into data centers across the Commonwealth.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 15:18-15:26
“We had $92 billion of announcements, 50 billion of that was energy infrastructure, 40 billion data centers.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 15:30-15:37
“We're the second largest energy producer in the country, fourth largest natural gas reserves in the world.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 19:39-19:45
“They've committed $1.3 trillion over the next 10 years, $130 billion a year.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 29:11-29:19
“Our basic research budget is what it is at 1950 levels. As a percent of GDP it should be dramatically higher.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 45:52-46:00
“President Biden immediately was opposed to the [Nippon Steel US Steel] deal.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 05:25-05:25
“Senator Casey was immediately posed [to the Nippon Steel US Steel deal].”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 05:28-05:30
“I was worried about foreign ownership of the iconic US Steel company.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 05:42-05:49
“There had been a history decades ago of dumping in the steel market that had left a bad taste of many in the domestic steel industry in the…”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 05:58-06:08
“I wanted to make sure we didn't lose those jobs in the Mon Valley.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 06:15-06:19
“The best option for America and for Pennsylvania was to have a great partnership with Nippon [Steel].”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 07:47-07:56
“Really help revitalize our domestic steel industry, which was so critical to our national security.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 08:02-08:09
“This was a way to supercharge the domestic steel industry.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 08:18-08:23
“It was a way to not only save and protect the jobs in the Mon Valley, but grow them with future investment.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 08:22-08:30
“The national steelworkers were very opposed to it.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 10:00-10:04
“The national security protections that were put in place with the Golden Share.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 10:48-10:54
“There's been four big announcements in Pennsylvania in the last three or four months.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 15:10-15:14
“The last one was what you referred to as the shipbuilding a $5 billion investment from Hanwha.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 15:42-15:48
“It gives certainty on the jobs that were already there. 4,000 jobs, maybe a little bit less. 4,000 jobs in the Mon Valley, U.S. steel.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 16:26-16:26
“There's the commitment to a new facility, which is something like $2.4 billion of incremental investment.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 16:54-17:00
“That'll create, by some estimates, 10,000 new building trades, jobs building the new mill.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 17:01-17:11
“We're going to have enormous uptick in defense spending. Pennsylvania should get a disproportionate share of that.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 19:11-19:17
“We're competing against China for AI dominance, AI leadership.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 20:26-20:32
“When I was in the Bush administration, I was the undersecretary at treasury and I would often chair the working group on CFIUS.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 22:41-22:50
“I think you're going to see the government play perhaps a more active role. It is playing a more active role [in private enterprise].”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 23:15-23:27
“The involvement of the government should only take place when one of two conditions is in place. One, the national security implications are…”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 24:11-24:26
“The other area where I think the government should consider playing a role not always is where you have a true market failure that has huge…”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 24:56-25:08
“The more governments involved, the more it opens us up to crony capitalism.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 25:42-25:47
“Foreign capital is a huge part of Pennsylvania and America's economic present and economic future.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 27:57-28:07
“President Trump has expanded what these trade negotiations are actually about to include export controls and foreign direct investment.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 28:20-28:30
“There's this huge flood of foreign direct investment that's been committed.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 28:52-28:57
“If I'm understanding the parameters of the trade deal with Japan, $550 billion of investment.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 29:26-29:33
“The biggest thing we can do in the Congress and maybe in the country, is permitting reform.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 30:08-30:16
“Not since 1981, when Reagan's first year in office, has there been such a push on making it easier to do business.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 32:06-32:15
“If you think of the most existential national security challenge, risk, exposure to America's future, it would be China.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 32:55-33:15
“China's actions are certainly of a country that's building its capability in a variety of ways and expanding its areas of influence.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 33:42-33:58
“I think there's going to be opportunities for more, not less, cooperation on artificial intelligence, on semiconductors.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 34:17-34:24
“The President not only had to change his position from the other president's position, he actually had to change his own position to do it.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 35:07-35:15
“The national security threat discussion or worry concern I think was not particularly Japanese specific.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 36:37-36:49
“There was a history of dumping which has been well documented and there was an issue of debate and consternation between the two sides.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 37:27-37:37
“It's going to be highly disruptive. It's going to be, you know, it's hard to be too predictive, but I'm thinking in terms of industrial…”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 39:39-39:48
“In the near term, say the next five, maybe even 10 years, it seems to be net positive for blue collar skilled labor, skilled workers.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 39:59-40:09
“The biggest problem we have is we don't have enough skilled workers to keep up.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 40:23-40:26
“On the white collar side, it's much, much more disruptive because if you just start to play with your AI apps, things that used to take a…”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 40:59-41:15
“We have the benefit. Great community colleges. Carnegie Mellon, Lehigh, Penn State, Penn.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 41:38-41:44
“The imperative of getting government out of the way to allow these big power projects, nuclear facilities, whatever it is, to move quickly…”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 46:18-46:34
“I've talked to our governor about this. You got to streamline all the way down.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 46:53-46:57
“In my opinion, there would be nobody who is more supportive of President Trump's efforts to secure the border, stop the flow of illegal…”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 47:22-47:32
“I think legal immigration reform is going to be part of the puzzle to do that.”
Industry, Security, and Community: Senator David McCormick on the Nippon Steel–U.S. Steel Deal | Uploaded September 18, 2025 | 47:46-47:50