Should foreign investment be allowed to reshape the American steel Industry? Not to be lost in the recent on-again-off-again tariff frenzy, Nippon Steel’s proposed takeover of U.S. Steel has also found itself in President Trump’s crosshairs when it comes to trade and industrial policy. Nippon Steel initially announced its nearly $15-billion bid for U.S. Steel […]
Despite ordering a new review of Nippon Steel’s bid for U.S. Steel, President Trump said he is still against selling USS to a Japanese company, according to media reports.
Investment firm Ancora Holdings Group has halted its play for U.S. Steel's board, citing Nippon Steel’s proposed bid for USS “gaining momentum.”
Ancora’s intention to replace U.S. Steel's leadership was first announced in late January.
President Trump has ordered a new review of Nippon Steel’s proposed buy of U.S. Steel, to be completed within 45 days.
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.
The Pittsburgh steelmaker expects to see increasing volumes from both Big River Steel and Big River 2.
The government said it hopes to reach an agreement with the two companies outside of the courts, according to a filing last week.
The investment firm seeking to oust U.S. Steel’s leadership has asked the steelmaker to schedule its annual shareholder meeting after June 18. That’s the deadline set by the US government for USS and Nippon Steel to unwind their nearly $15-billion merger deal. Ancora Holdings Group sent a letter dated Feb. 27 to board members of […]
The building in Braddock, Pa. that houses the basic oxygen process equipment suffered “minor damage” on Feb. 23, a spokesperson said.
Ancora Holdings is moving forward with its proxy fight to oust U.S. Steel’s leadership and install a new board of directors and Alan Kestenbaum as CEO.
U.S. Steel has increased prices for flat-rolled steel by at least $50 per short ton (st), according to market participants. The Pittsburgh-based steelmaker now seeks a minimum of $850/st for hot-rolled (HR) coil. And it seeks at least $1,050/st for cold-rolled and coated base prices, they said.
Japan’s Prime Minister Shigeru Ishiba said on Monday that former President Joe Biden’s decision to block Nippon Steel’s buy of U.S. Steel was “unjust political interference,” according to a report in Reuters. This comes after another Reuters report on Friday saying that President Trump would not object to Nippon taking a minority stake in the […]
Nippon Steel has agreed to “invest heavily in U.S. Steel as opposed to own it,” President Donald Trump said on Friday during a press conference with Japanese Prime Minister Shigeru Ishiba. U.S. Steel is “a very important company” and was once “the greatest company in the world”. Of potential foreign ownership of the Pittsburgh-based steelmaker, Trump said, “the concept, psychologically, not good."
U.S. Steel has idled its "B" Battery at its Clairton Coke Works near Pittsburgh following a “release of excess pressure” inside a section of the battery on Feb. 5.
The union says the suit is "a frivolous and unsubstantiated attack on our union simply for exercising our First Amendment rights."
Together, Nippon Steel, Nippon Steel North America, and U.S. Steel announced the filing of their opening brief in their litigation to invalidate the government’s decision to block their announced merger. The brief lays out “how President Biden made a predetermined decision for political reasons, not national security, causing CFIUS to engage in a sham review […]
U.S. Steel has increased sheet prices by $50 per short ton (st), according to market participants. The Pittsburgh-based steelmaker has also set a new target price of $800/st for hot-rolled (HR) coil, they said.
U.S. Steel’s losses widened in the fourth quarter on lower steel prices, weaker demand, and startup costs relating to the expansion of its Big River Steel EAF sheet mill in Arkansas. But the Pittsburgh-based steelmaker said it expected results to improve in 2025 as Big River 2 – the project to double capacity at the Osceola, Ark., mill - gains steam.
Nucor Corp.’s chief executive didn’t shy away from discussing the company’s interest in potentially acquiring the electric-arc furnace assets of U.S. Steel on Tuesday. An analyst on an earnings conference call asked about Nucor’s appetite for M&A given its strong cash position – $4.1 billion at the end of 2024. Chair, President, and CEO Leon […]
Ancora has nominated nine board members to U.S. Steel's 12-member board and seeks to install Alan Kestenbaum as CEO to replace David Burritt.
Nippon Steel’s litigation against the US government is set to begin in early February, according to a report by Japan’s Kyodo News Agency. Nippon will file its opening brief on Feb. 3. And both parties will conclude their claims by March 17 in the US Court of Appeals for the District of Columbia Circuit, Kyodo […]
He said a new entity would operate under the U.S. Steel name and would retain its Pittsburgh headquarters.
Cleveland-Cliffs could be teaming up with Nucor to make a play for U.S. Steel, according to an article at CNBC.
The Biden administration has pushed back until June the date for which Nippon Steel must unwind its $14.9-billion dollar deal for Pittsburgh-based U.S. Steel, the companies said on Saturday.
Nippon Steel and U.S. Steel have filed two lawsuits, one against the US government and the other against Cleveland-Cliffs and the United Steelworkers (USW) union's leader.
As one of my university professors once said (and it’s stuck with me for half a century), “Change is the only permanency.” On Friday, President Biden acted to block the acquisition of United States Steel by Nippon Steel Corp. of Japan, without acknowledging the changes that have already occurred in the steel industry, and which are likely to increase. After more than a year of raging debate, it seems that nobody was convinced by arguments. Nippon’s worker-centered concessions, including safeguarding the jobs of U.S. Steel’s unionized workers and committing to more than $2 billion in investments for the aging plants at Gary, Ind., and the Mon Valley complex in Pennsylvania, were not mentioned in the president’s announcement on Friday.
The chief executive of U.S. Steel has come out against President Biden’s decision to block the USS/Nippon Steel deal, calling it “corrupt.”
“Responsible management will continue to invest in those facilities,” McCall stated.