I thought Nippon Steel’s $14.1-billion deal for U.S. Steel might become a political football in this year’s presidential election. Now there is little doubt that it will after Trump told reporters in Washington, D.C., earlier this week that he would “absolutely” block the transaction – and that he would do so “instantaneously.”
Cleveland Cliffs executives didn’t mince words when opening its Q4’23 earnings call.
Both the United Steel Workers (USW) union and a number of politicians oppose the deal. The USW supports Cleveland-Cliffs’ offer. That offer is almost half of what Nippon Steel has proposed and what has been accepted by U.S Steel. I don’t understand the USW opposition to Nippon Steel buying U.S. Steel and the union favoring Cleveland-Cliffs. If Cleveland-Cliffs were to acquire U.S. Steel, it would likely mean the end of a headquarters in Pittsburgh.
Bloomberg has reported that Nippon Steel’s $14.1-billion deal for U.S. Steel might not close until 2025 – well after the Q2/Q3 2024 close date both companies have guided toward. That’s because a national security review of the deal ($14.9 billion if you include the USS debt Nippon Steel would assume) by the Committee on Foreign Investment in the United States (CFIUS) could take longer than initially expected
The United Steelworkers (USW) union is accusing U.S. Steel of labor contract violations as the steelmaker pursues its potential sale to Nippon Steel.
Nippon Steel believes it can successfully complete its planned buy of U.S. Steel, according to a report in Reuters.
All good things, including but not limited to the Holiday Season, must come to an end. The corporate independence of U.S. Steel Corporation looks like it’s coming to an end also, despite objections from some politicians and the United Steelworkers union.
The Department of Commerce issued its final determination in the trade case involving tin mill products from a handful of countries.
The International Trade Commission (ITC) held a hearing on Thursday, Jan. 4, to consider arguments for and against the imposition of antidumping and countervailing duties (AD/CVDs) on tin mill products from a handful of countries. Both sides made compelling arguments.
After meeting with Nippon Steel, the United Steelworkers (USW) union remains weary of the company’s proposed acquisition of U.S. Steel.
A White House official said the planned $14.1-billion acquisition of U.S. Steel by Japan's Nippon Steel deserved a closer look. President Joe Biden "believes the purchase of this iconic American-owned company by a foreign entity—even one from a close ally—appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability."
Political opposition to Nippon Steel Corp.’s (NSC) proposed purchase of U.S. Steel continues to build.
I was asked to do an interview for a cable news channel in Ohio about Nippon Steel’s planned acquisition of U.S. Steel for more than $14 billion.
Nippon Steel will acquire U.S. Steel in a deal valued at $14.9 billion, or $55 per share, the two companies announced on Monday morning. The Japanese steelmaker will keep U.S. Steel's iconic logo and its Pittsburgh headquarters, the companies said.
U.S. Steel has received multiple bids valuing the company at more than $40 per share, CNBC reported on Wednesday.
A coalition of manufacturers, retailers, and stakeholders stands opposed to the imposition of import duties on tin mill products.
Following the United Auto Workers (UAW) union strike, organized labor seems to be enjoying a moment.
Certain welded steel pipe and tube products being exported from Vietnam to the US have, in fact, been illegally evading the payment of import duties, a US government agency announced this week.
You could make a case that Nov. 1 was April Fool’s Day for steel – or at least for the widespread rumor that Cliffs would announce a $10-billion deal for U.S. Steel on that date. I’m not going to endorse any precise date or price tag. But I’d be surprised if a deal – or […]
It’s official: U.S. Steel is idling its UPI operations in Pittsburg, Calif., by year’s end.
On the company’s third-quarter earnings call with analysts on Tuesday, Oct. 24, Cleveland-Cliffs executives were careful not to disclose anything about their talks with U.S. Steel on a potential acquisition.
After more than 40 years in the steel industry, James Bouchard announced he will be retiring as CEO of Esmark Inc., effective Nov. 23.
The US Department of Commerce has issued its final ruling in an expedited sunset review of antidumping duties on imports of tin mill products from Japan.
U.S. Steel is laying off ~300 workers at its Granite City Works in Illinois, a company spokeswoman told SMU on Tuesday.
The United Steelworkers International (USW) executive board on Tuesday appointed David McCall as the union’s new international president. He will fill the remainder of Tom Conway’s term.
Tom Conway, international president of the United Steelworkers (USW) union since 2019, has died at age 71.
Cleveland-Cliffs said on Friday its United Steelworkers (USW) union employees at its Northshore Mining operations in Minnesota have ratified a new three-year labor agreement.
The spot market remains quiet on fears of a potential United Auto Workers (UAW) union strike late next week.
Cleveland-Cliffs Inc. and the United Steelworkers (USW) at Cliffs’ Northshore Mine in Minnesota have reached a tentative labor agreement.