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.

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Harris set to oppose sale of US Steel to a Japanese firm during joint Pennsylvania event with Biden

DETROIT (AP) — Vice President Kamala Harris plans to use Monday’s joint campaign appearance in the industrial city of Pittsburgh with President Joe Biden to say that U.S. Steel should remain domestically owned — coinciding with the White House’s earlier opposition to the company’s planned sale to Nippon Steel of Japan.

https://apnews.com/article/harris-biden-election-2024-afd4b7fbd9d747e307a8fb5c1f60d5fa?

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Biden to block Nippon's acquisition of U.S. Steel, reports say

President Joe Biden is reportedly set to block U.S. Steel's sale to Japan's Nippon Steel.

https://www.axios.com/2024/09/04/biden-nippon-us-steel-deal-block?

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Biden will decide on US Steel acquisition after influential panel fails to reach consensus

WASHINGTON (AP) — A powerful government panel on Monday failed to reach consensus on the possible national security risks of a nearly $15 billion proposed deal for Nippon Steel of Japan to purchase U.S. Steel, leaving the decision to President Joe Biden, who opposes the deal.

https://apnews.com/article/us-steel-japan-nippon-cfius-national-security-2b155b68713ce83e1cc789ec8aaf3ca7?

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Biden blocks $14 billion acquisition of US Steel by Japan’s Nippon Steel

WASHINGTON (AP) — President Joe Biden has blocked the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his earlier vow on the presidential campaign trail to prevent the acquisition of Steeltown USA’s most storied steel company.

https://apnews.com/article/nippon-steel-japan-cfius-economy-biden-099564a3cddca587af0d7340e0c15ed6?