US Steel

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Storied US Steel to be acquired for more than $14 billion by Nippon Steel

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.

https://apnews.com/article/us-steel-nippon-steel-acquired-industrialization-1a174c359756efd3ee0f0f9172a3bd6b

ps:Here again another US company selling its business to a foreign Company! I remember back to the late 60s when US electronic companies sold there companies to Japanese Companies!! It's a wonder we still have any American Companies that are actually owned by us anymore!!!

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The Founding of U.S. Steel and the Power of Public Opinion

By the late 1800s, the steel industry in the United States had surpassed the capacity of Britain’s steel production. In 1901, through the merger of several steel companies, financier J. P. Morgan formed the United States Steel Corporation, then the largest company in the world. The merger included Andrew Carnegie’s Carnegie Steel Company, Elbert H. Gary’s Federal Steel Company, and William Henry Moore’s National Steel Company, as well as National Tube Works, American Steel & Wire, American Sheet Steel, American Steel Hoop, American Tin Plate, American Bridge, and the Lake Superior Consolidated Iron Mines. In the following decades other companies came into the corporation’s fold. Some of the nation’s most influential leaders of finance served on U.S. Steel’s Finance Committee, including J. P. Morgan and George F. Baker.1

https://www.library.hbs.edu/us-steel/exhibition/the-founding-of-u.s.-steel-and-the-power-of-public-opinion

Lessons from the steel crisis of the 1980s

Tata Steel has sent the British government scurrying into action after the Indian firm put its UK assets up for sale and left more than 15,000 jobs at risk. Debate has centred on whether the state should provide incentives to potential buyers, and how it should respond if no buyer can be found. The temptation is to protect the industry from “unfair” competition, but to intervene as little as possible so that markets can find some balance and the industry can rescue itself.

https://theconversation.com/lessons-from-the-steel-crisis-of-the-1980s-57751

Top steel-producing companies 2022/2021

https://worldsteel.org/steel-topics/statistics/top-producers/

United Steelworkers union blasts $15B U.S. Steel-Nippon deal

The United Steelworkers (USW) union on Monday ripped U.S. Steel and its proposed acquirer, Nippon Steel, for agreeing to a $15 billion deal without its approval.

https://www.axios.com/2023/12/18/ussteel-nippon-usw-steelworkers

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⚙️ U.S. Steel stock surges after sale

Data: FactSet. Chart: Axios Visuals Shares of U.S. Steel surged after Japan-based Nippon Steel announced plans to purchase the iconic American producer in a deal valued at $14.9 billion — nearly double what U.S. rival Cleveland-Cliffs had offered for the company just four months ago. Why it matters: Founded in 1901, U.S. Steel was a 20th century industrial giant, and remained the largest steelmaker in the country as recently as 2014, Matt Phillips writes for Axios Markets. U.S. Steel now is the third largest steelmaker in the U.S., behind Nucor and Cleveland-Cliffs. Nippon Steel is the world's fourth-largest steel producer. The acquisition boosts its presence in the U.S., where post-pandemic trends are fueling demand.