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Nippon Steel Corporation

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politics1 year ago

"United Steelworkers Union Endorses Biden for President in 2024"

President Biden's opposition to the planned sale of U.S. Steel to Nippon Steel Corporation has garnered him the endorsement of the United Steelworkers union for his 2024 reelection bid. The union, representing 850,000 workers, has been a vocal opponent of the deal and filed a grievance against the steelmaker. Biden's stance aligns with his focus on strengthening America's manufacturing base and supporting working people, emphasizing his commitment to keeping manufacturing jobs in the U.S. and boosting American steel.

via USA TODAY|
#biden#manufacturing#nippon-steel-corporation
businesspolitics2 years ago

"US Steel Sale to Nippon Steel Sparks Government Scrutiny and Shift in Mon Valley's Steel Production"

The potential sale of U.S. Steel to Japan-based Nippon Steel Corporation has sparked concerns about the future of steelmaking in the Mon Valley. Some Democratic officeholders, including U.S. Senators Bob Casey and John Fetterman, are urging the deal to be blocked, citing the need to prioritize American manufacturing and national security. However, business analysts suggest that Nippon's ownership may not be detrimental to the Mon Valley Works, as the company has already been transitioning to newer electric arc furnaces. The United Steelworkers preferred an earlier bid by Cleveland Cliffs, an American firm, but industry trends indicate a reckoning is coming for the way steel is made in the region, regardless of the buyer.

via 90.5 WESA|
#businesspolitics#manufacturing#mon-valley-works
business2 years ago

Controversy Surrounds Nippon Steel's Bid for US Steel

The announcement of U.S. Steel being purchased by Nippon Steel Corporation for $14.9 billion has elicited a range of reactions in and around Pittsburgh. While shareholders are happy, concerns have been raised about national security implications and the impact on U.S. Steel employees. Many people in the region feel a strong connection to the steel industry, which played a significant role in establishing the U.S. as a global superpower. Some see the sale as a repeat of past betrayals by U.S. Steel, while others hope that Japanese ownership could bring new life to the struggling industry.

via 90.5 WESA|
#business#foreign-ownership#nippon-steel-corporation
business2 years ago

Nippon Steel Corporation Acquires U.S. Steel in $15 Billion Deal

Nippon Steel Corporation (NSC) has announced its acquisition of U.S. Steel in an all-cash transaction valued at $14.9 billion. The deal, which represents a 40% premium to U.S. Steel's closing stock price, aims to combine the world-leading technologies and manufacturing capabilities of both companies to better serve customers in the United States and globally. NSC plans to honor all collective bargaining agreements with the United Steelworkers Union and retain U.S. Steel's iconic name and headquarters in Pittsburgh. The acquisition is expected to drive the global steel industry towards decarbonization and create significant value for both NSC and U.S. Steel shareholders.

via U.S. Steel|
#acquisition#business#global-expansion