General Category > Economy/Business

US Steel shareholders approve Nippon buyout despite political opposition

(1/1)

mystery-ak:
 US Steel shareholders approve Nippon buyout despite political opposition
by Theresa Maher - 04/12/24 6:54 PM ET

U.S. Steel shareholders approved a $14.9 billion acquisition by Japan’s Nippon Steel Friday, despite opposition from the Biden administration, steelworkers and congressional lawmakers.

“#USSteel is pleased to report that, based on the preliminary vote count, 98 % of stockholders voted to approve our proposed merger with Nippon Steel,” U.S. Steel said in a post to social platform X Friday.

The proposed deal, announced in December, has faced pushback from lawmakers in both parties, who argue the deal could threaten national security, U.S. industrial capacity and the livelihoods of steel workers.

“As I’ve always said, steel is about security — both our national security and the economic security of workers and steel communities in Pennsylvania and across the country,” Sen. John Fetterman (D-Pa.) said in a statement following the announcement. “This conversation should be about the steelworkers who power U.S. Steel.”

Republican Sens. J.D. Vance (Ohio), Marco Rubio (Fla.) and Josh Hawley (Mo.), called for the Committee on Foreign Investment in the United States (CFIUS) to block the sale Friday.

more
https://thehill.com/business/4591091-us-steel-shareholders-approve-nippon-buyout/

Hoodat:

--- Quote from: mystery-ak on April 13, 2024, 12:48:59 am ---The proposed deal, announced in December, has faced pushback from lawmakers in both parties, who argue the deal could threaten national security, U.S. industrial capacity and the livelihoods of steel workers.

--- End quote ---

A much better option would be to block the sale and have the unprofitable plant shuttered.  That beats the heck out of having it keep producing steel in the US under Japanese leadership and have all those workers keep their jobs.

Wingnut:
I remember in the 80's when the Japs were buying up all the real estate here....  Like the Nakatomi Tower for one.

Hoodat:

--- Quote from: Wingnut on April 13, 2024, 01:41:08 am ---I remember in the 80's when the Japs were buying up all the real estate here....  Like the Nakatomi Tower for one.

--- End quote ---

Eventually, they realized they couldn't take that real estate back to Japan.  IBM built a tower in Atlanta for $150 million, and then sold it to some Japanese company for twice that.  Forty years later, the building still stands in Atlanta.

Navigation

[0] Message Index