Posted on 12/18/2023 9:56:51 AM PST by Abathar
PITTSBURGH - U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion.
The transaction is worth about $14.9 billion when including the assumption of debt. The combined company will be among the top three steel-producing companies in the world, according to 2022 figures from the World Steel Association.
The price tag for U.S. Steel is nearly double what was offered just four months ago by rival Cleveland Cliffs. U.S. Steel, which rejected that offer, confirmed the offering price from Nippon early Monday.
(Excerpt) Read more at insideindianabusiness.com ...
Does that mean they’ll be serving sushi at Steelers games?
No, but there will be heavy discounts on Samurai swords.
Isn’t this a strategic ASSET acquisition that should go through a review process or will the Bidem team just rush to sell off another piece of the US?
Good question. I have a related question: how much of US Steel’s land was acquired through eminent domain many decades ago, only to be sold to a company from another country?
Toyota Tacoma official vehicle of the Pittsburgh Steelers
What's old is new again. The Vapors covered this back in the 80s.
Chuck Schumer along with GOP Senator Mike Crapo ranking Republican on the Finance Committee toured Japan, South Korea and China just months ago.
We need them to prop up this overspending overdrawn nation.
Why do we need domestic steel production? Our cars suck as does our economy so we don’t need to build anything.
I hope Jimmy Carter is happy. He initiated the demise of American Steel.
>>>Isn’t this a strategic ASSET acquisition that should go through a review process or will the Bidem team just rush to sell off another piece of the US?<<<
I think this will be beneficial. Jap management will probably lower costs, increase quality and thus increase domestic steel production. Going back in time doing a little research America produced 8.2 million cars in 1985 which was a six year high. The recent high for American production recently was 2019 where 10.8 million cars were made. Despite the Big 3 losing so much market share since 1985, auto production is essentially the same adjusting for population. That’s because so many foreign brands make their cars here. Hopefully the US Steel acquisition will be a positive.
And yet we are led by sadistic clowns that believe in America can be a super power without industrial capacity. Our establishment is populated with garbage people.
The unions initiated it long before Jimmy was greasing the slide down.
new name: pitsubago steerers
I agree, also like any foreign investment here they can’t take it with them when they leave.
If they put new furnaces in and a quality management team then this is a plus no matter who does it, but I’m still glad China didn’t throw their hat in the ring. The almighty dollar will win over investors every time, like I mentioned - Glad it’s an ally and not an enemy.
Will they buy the Steelers as well? They really suck this year..................
ARMCO steel was a aquired by Kawasaki and became AK steel in the 70s. When the new owners came to Ashland, Ky to tour the plant they had the workers line up to meet them. My dad wore a ball cap that said “Not Enough Bombs in ‘45”. Being a union man, he had no fear and wouldn’t remove when requested.
Sadly AK steel is no more and the plant that once employed over 5,000 workers in Ashland is gone.
ARMCO steel was a aquired by Kawasaki and became AK steel in the 70s. When the new owners came to Ashland, Ky to tour the plant they had the workers line up to meet them. My dad wore a ball cap that said “Not Enough Bombs in ‘45”. Being a union man, he had no fear and wouldn’t remove when requested.
Sadly AK steel is no more and the plant that once employed over 5,000 workers in Ashland is gone.
Oh hell yes. The slide started in the late 60s early 70s when the steel workers got a paid 13 week vacation every 4 years {in addition to their regular 2-4 weeks standard annual vacation}.
I was in college in the mid 60s and worked as a Steel Union worker and was paid triple time for working on a Thanksgiving Day {and I was sent by the labor gang leader, to sleep for 8 hours in an overhead crane that was shut down for repairs}.
Unions are a major reason that the US economy has been quick to tank and slow to recover.
Gummint unions should be illegal. Period.
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