Author Topic: The Killing of US Steel (Read 3619 times)

mystery-ak · « **on:** September 09, 2024, 11:06:04 am »

September 9, 2024
The Killing of US Steel
By William Levin

On the road to America’s end times, retiree President Biden, aspiring president Harris, and former and aspiring president Trump agree that, at all costs, Nippon Steel must be stopped from acquiring U.S. Steel. That defines an unholy trinity.

Biden will kill the deal, reportedly at the end of September, on the fictional ground that it imperils national security, pursuant to a so-called CFIUS (Committee on Foreign Investment in the United States) review. Harris will do anything to appease union leaders who oppose the deal and win Pennsylvania. Trump sees the deal as antithetical to his America first program, letting an icon of U.S. manufacturing slip into the hands of Japanese owners.

The timing of the deal could not be worse, viewed politically. U.S. Steel is famously headquartered in Pittsburgh ever since J.P. Morgan agreed to buy out his bitter rival Andrew Carnegie in 1901 to form the largest anticompetitive megalith in the nascent Industrial Age. At its founding, it was capitalized at $1.4 billion. It employed 168,000 people, later peaking at 300,000 employees, supplying two thirds of all American steel needs and 40% of global steel production. U.S. Steel continues to have substantial operations in Pennsylvania. In election year 2024, the optics is the reason the deal will die.

more
https://www.americanthinker.com/articles/2024/09/the_killing_of_us_steel.html

catfish1957 · « **Reply #1 on:** September 09, 2024, 11:18:14 am »

The socialist dims have a massive process underway to undermine and destroy any form of heavy industrial activity.

Oil, Steel, Mining, Plastics, Pigments, etc. etc. etc.

These are part of the "reset"

DefiantMassRINO · « **Reply #2 on:** September 09, 2024, 11:40:44 am »

Who benefits from the Global Climate Change nonsense? America's enemies and economic competitors, namely China.

mountaineer · « **Reply #3 on:** December 03, 2024, 07:06:20 am »

Attempts to block Nippon’s acquisition of US Steel are misguided. A less competitive, higher-cost steel market translates into lower profit margins for steel-reliant manufacturers, furthering limiting their ability to compete globally.

https://twitter.com/joelgriffith/status/1863913922203377772

mountaineer · « **Reply #4 on:** December 03, 2024, 02:33:48 pm »

Trump reiterates opposition to Nippon Steel's takeover of U.S. Steel
By Reuters
December 3, 20242:22 PM EST
Updated 8 min ago

U.S. President-elect Donald Trump said on Monday a series of tax incentives and tariffs will revive storied American firm U.S. Steel (X.N), opens new tab, as he reiterated his opposition to Nippon Steel's planned $15 billion purchase of the company.

"I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump wrote on his social media platform Truth Social. "I will block this deal from happening. Buyer Beware!!!"

Nippon Steel hopes to close the deal before Trump retakes the White House on Jan. 20, despite opposition from President Joe Biden and a powerful U.S. labor union.

In a statement on Tuesday following Trump's comments, Nippon Steel said it would invest no less than $2.7 billion into U.S. Steel's unionized facilities, secure union jobs and share technological innovations. ...
https://www.reuters.com/markets/deals/trump-says-tax-incentives-tariffs-will-make-us-steel-stronger-2024-12-03/

Weird Tolkienish Figure · « **Reply #5 on:** December 03, 2024, 02:39:36 pm »

Well Trump has always disliked Japan. Starting in the 80's he continued to call them out as our trade enemies basically, all throughout the 2016 campaign and probably beyond. I don't get the hate for Japan personally. Of course, I get the China hate.

DefiantMassRINO · « **Reply #6 on:** December 03, 2024, 05:18:12 pm »

America's corporations and assets being sold to foreign interests is the re-colonization of America by its competitors and enemies.

Every sale to a foreign buyer means more foreign lobbyists throwing more foreign money at American politicians and elections.

mountaineer · « **Reply #7 on:** December 26, 2024, 10:29:20 am »

Both Biden and Trump say they oppose this merger. The union steelworkers employed at US Steel in the region are all for it, even if the national USW has come out against it. Perhaps union HQ should try listening to those members actually affected by such things.

We've long had foreign ownership (or partial ownership) of American steel companies in the Ohio Valley. Arcelor Mittal and Wheeling Nisshin come to mind.

Quote

Nippon Steel pushes deadline to close U.S. Steel deal as Biden decision looms
Published Thu, Dec 26 20248:41 AM ESTUpdated An Hour Ago
Reuters via CNBC

Japan’s Nippon Steel said on Thursday it has extended the closing date for its $14.9 billion purchase of U.S. Steel as U.S. President Joe Biden weighs whether to block a deal that has faced intense opposition since it was announced.

The closing date was revised to the first quarter of 2025 from the third or fourth quarter of 2024 previously.

Nippon paid a hefty premium to clinch the deal last December in an auction, but the deal faced opposition from the powerful United Steelworkers union (USW), as well as politicians.

Biden has said he wants U.S. Steel to be domestically owned and operated, while President-elect Donald Trump has vowed to block the deal after he takes office in January. ...

The two companies have also worked to assuage concerns over the combination. Nippon has offered to move its U.S. headquarters to Pittsburgh, where the U.S. steelmaker is based and promised to honor all agreements in place between U.S. Steel and USW.

jafo2010 · « **Reply #8 on:** December 27, 2024, 02:34:39 am »

I have zero love for the Japanese. ZERO!.

My father was in the Pacific theater and saw what they could do to American Marines. I worshiped my father, read every book on the shelf on WWII. I had endless questions, and he refused to discuss his experiences in the war. He was in the US Navy, and drove a landing craft at the attacks on Saipan, Leyte and Luzon, and Okinawa, and a couple other islands that were lesser battles. He saw plenty of dead Marines at the hands of the Japanese.

And China suffered in the war more than any nation, losing a reported 40 million people at the ugly/murderous hands of the Japanese. Read the Rape of Nanking if you want to know what the Japanese are all about! F***ing animals! And now, the USA protects these ruthless people.

I say under no circumstance does any Japanese firm buy an American firm. PERIOD!!!

The war may have ended 79 years ago, but we still have veterans with their memories, and the children of said veterans from that war, that did hear the ugly tales from the war in the Pacific. I say, say no to the Japanese every chance we can.

Weird Tolkienish Figure · « **Reply #9 on:** December 27, 2024, 12:18:35 pm »

Quote from: jafo2010 on December 27, 2024, 02:34:39 am

I have zero love for the Japanese. ZERO!.

My father was in the Pacific theater and saw what they could do to American Marines. I worshiped my father, read every book on the shelf on WWII. I had endless questions, and he refused to discuss his experiences in the war. He was in the US Navy, and drove a landing craft at the attacks on Saipan, Leyte and Luzon, and Okinawa, and a couple other islands that were lesser battles. He saw plenty of dead Marines at the hands of the Japanese.

And China suffered in the war more than any nation, losing a reported 40 million people at the ugly/murderous hands of the Japanese. Read the Rape of Nanking if you want to know what the Japanese are all about! F***ing animals! And now, the USA protects these ruthless people.

I say under no circumstance does any Japanese firm buy an American firm. PERIOD!!!

The war may have ended 79 years ago, but we still have veterans with their memories, and the children of said veterans from that war, that did hear the ugly tales from the war in the Pacific. I say, say no to the Japanese every chance we can.

They make great cars though.

MeganC · « **Reply #10 on:** December 27, 2024, 12:29:24 pm »

Quote from: DefiantMassRINO on December 03, 2024, 05:18:12 pm

America's corporations and assets being sold to foreign interests is the re-colonization of America by its competitors and enemies.

Every sale to a foreign buyer means more foreign lobbyists throwing more foreign money at American politicians and elections.

berdie · « **Reply #11 on:** December 27, 2024, 06:00:48 pm »

Quote from: DefiantMassRINO on December 03, 2024, 05:18:12 pm

America's corporations and assets being sold to foreign interests is the re-colonization of America by its competitors and enemies.

Every sale to a foreign buyer means more foreign lobbyists throwing more foreign money at American politicians and elections.

Exactly! Besides, we don't have enough American owned companies/factories as it is.

mountaineer · « **Reply #12 on:** January 01, 2025, 09:42:51 am »

Mayors from 7 Pittsburgh-area communities voice concerns over potential U.S. Steel sale
By Nicole Ford, WPXI-TV
December 31, 2024 at 7:11 pm EST

Quote

BRADDOCK, Pa. — The mayors of seven Pittsburgh communities sat down with Channel 11 on Tuesday to voice their concerns over a potential deal between U.S. Steel and Japan’s Nippon Steel, fearing the economic consequences for their towns if the agreement falls through.

“We’ve been down this road before,” said Markus Adams, mayor of East Pittsburgh, referring to the impact on the region when Westinghouse shut down years ago. “East Pittsburgh has never recovered from it.”

The Edgar Thomson Plant, a key facility for U.S. Steel, was built at the heart of these communities. Local leaders worry that a failure to reach a deal could lead to plant closures or downsizing, devastating the already struggling area. ...

Mayors from nearly two dozen communities who are part of the newly formed Mayor’s Charitable Fund sent a letter to President Joe Biden urging him to consider the jobs and economic stability the steel industry provides.

“That’s what I would tell him, Mr. President these are your people don’t put them out of work,” Kelly said.

The main opposition to the sale comes from the United Steelworkers Union and politicians who want the company to remain domestically owned. ...

WPXI

Hoodat · « **Reply #13 on:** January 01, 2025, 11:05:21 am »

If they want these plants to remain open, they need to let Nippon buy it.

mountaineer · « **Reply #14 on:** January 01, 2025, 11:07:37 am »

Quote from: Hoodat on January 01, 2025, 11:05:21 am

If they want these plants to remain open, they need to let Nippon buy it.

That's what the steelworkers who work in those plants and the mayors of surrounding communities are saying. The fatcat union bosses in NYC opposing this deal aren't affected. Joe Lunchbucket in Allegheny County, Pa., who has a mortgage to pay, very much is affected by the deal.

Weird Tolkienish Figure · « **Reply #15 on:** January 01, 2025, 03:03:46 pm »

The right in the US will follow populism right off a cliff I think.

IsailedawayfromFR · « **Reply #16 on:** January 01, 2025, 08:14:14 pm »

As much as I hate the bastions of unions in the indigenous steel and auto industry, they are paramount to the production of weaponry we will need to combat the future wars.

I always applauded the Koreans, Japanese and Germans who built factories here to produce cars.

Even if owned by foreign entities, they can be taken over by Americans in the event of a military emergency.

Same goes if Nippon owns US Steel.

To keep them in business, by all means use what it takes to keep them financially stable, including foreign ownership, as long as US factories remain open and producing for us.

Hoodat · « **Reply #17 on:** January 01, 2025, 08:42:46 pm »

Blocking the sale to Nippon means that they will build brand new high tech plants in Canada and Mexico while the US Steel plants get permanently shuttered. And in time of war, instead of controlling Japanese owned plants in the US, we will be forced to buy from Japanese owned plants in neighboring countries.

Absolutely brilliant!

Hoodat · « **Reply #18 on:** January 01, 2025, 08:43:25 pm »

Quote from: IsailedawayfromFR on January 01, 2025, 08:14:14 pm

As much as I hate the bastions of unions in the indigenous steel and auto industry, they are paramount to the production of weaponry we will need to combat the future wars.

I always applauded the Koreans, Japanese and Germans who built factories here to produce cars.

Even if owned by foreign entities, they can be taken over by Americans in the event of a military emergency.

Same goes if Nippon owns US Steel.

To keep them in business, by all means use what it takes to keep them financially stable, including foreign ownership, as long as US factories remain open and producing for us.

GMTA @IsailedawayfromFR

MeganC · « **Reply #19 on:** January 02, 2025, 01:23:51 pm »

Quote from: Weird Tolkienish Figure on January 01, 2025, 03:03:46 pm

The right in the US will follow populism right off a cliff I think.

How dare the right follow or lead the will of the people! Everyone knows that the elites are best equipped to make our decisions for us!

Weird Tolkienish Figure · « **Reply #20 on:** January 02, 2025, 01:31:47 pm »

Quote from: MeganC on January 02, 2025, 01:23:51 pm

How dare the right follow or lead the will of the people! Everyone knows that the elites are best equipped to make our decisions for us!

Sometimes, the will of the people is stupid. Think of a herd of sheep. Not all the time of course, but sometimes.

Lando Lincoln · « **Reply #21 on:** January 02, 2025, 01:58:52 pm »

US Steel has struggled for years for a host of reasons, mostly through competition but also for the need of capital upgrades. For example, the Edgar Thomson facility in Braddock has only been able to produce air-cooled slag as a byproduct of steel production. A-C slag has limited low-end uses and most of it ends up in massive onsite landfills. A-C slag captures little of the SOx that is in the molten slag stream.

Granulated slag is produced in a water-quenched granulator and has higher end secondary uses such as the production of slag cement; a complementary product and sometimes replacement to Portland cement. In the rapid quenching process, granulated slag “freezes” much of the SOx interstitially. But granulators are expensive as are conveying, stockpiling and load-out systems. Braddock needs such an upgrade.

berdie · « **Reply #22 on:** January 02, 2025, 05:29:01 pm »

I'm not a real big union supporter. They started out as a good thing and then became a detriment. I blame them in large part for steel companies (and others) not being competitive. So I wonder if Japan will be union if they buy US Steel.
Will the present workers be so happy if not? Myself, I'd just be happy to have a job.

If what I read is true, the foreign auto makers that have opened up shop in the US aren't union...and seem to be doing well.

mountaineer · « **Reply #23 on:** January 02, 2025, 05:40:47 pm »

A Japanese company purchased Wheeling-Pittsburgh steel several years ago and made it a much more efficient operation (it's now under the Nippon Steel umbrella). Still unionized, still operating. I think that's all they're hoping to do with USSteel.

mountaineer · « **Reply #24 on:** January 27, 2025, 04:24:38 pm »

A new player enters the game:

Quote

New player arrives in US Steel-Nippon takeover saga with the goal of quashing it
Story by MICHELLE CHAPMAN
Associated Press via MSN
Jan. 27, 2025

An asset manager is seeking to quash Nippon Steel's takeover of U.S. Steel and oust the leadership of the U.S. steelmaker after taking a stake in the company.

Ancora Holdings Group, with $10 billion in assets, reported acquiring a 0.18% stake in the Pittsburgh company. It said Monday that U.S. Steel CEO David Burritt and the company's board have prioritized a sale to Nippon because they stand to receive more than $100 million if it goes forward. ...

Ancora is seeking an independent slate of directors at U.S. Steel and new CEO that are committed to walking away from the Nippon deal. In an open letter on Monday, the firm said it has nominated nine independent directors for election at U.S. Steel's annual shareholders meeting this year. Those directors have a plan that includes making Alan Kestenbaum, a former steel executive, the new chief executive of U.S. Steel. ...