Harris Woos U.S. Steel After Pushing Policies That Torpedoed The Steel Industry
Vice President Kamala Harris' opposition to the foreign takeover of U.S. Steel in a bid to appeal to working-class voters is a cynical ploy.Vice President Kamala Harris' opposition to the foreign takeover of U.S. Steel in a bid to appeal to working-class voters is a cynical ploy.Biden’s Tariffs Are Bad. Biden’s Tariffs Coupled With EV Mandates Are Even Worse
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Unless the Biden administration takes action, China Shock 2.0 will cause more harm to the U.S. economy than the last one.Pittsburgh's US Steel sold to foreign company after 122 years in America
The sale of the United States Steel Corporation, better known as U.S. Steel, has been approved by board members. The company will almost certainly be sold to a foreign buyer.
Ini what is truly an end of an era, the company that started in 1901 and was key to the industrialization of the country is set to be acquired by Nippon Steel, a Japanese company with a value of over $21 billion.
The deal is valued at approximately $14.1 billion, according to Western Journal, which notes that the offer stood at $14.9 billion, but the buyer will absorb a little less than $1 billion in U.S. Steel's debt.
Nippon dates back to 1950 and currently employs over 105,000 workers. The company reportedly came close to doubling an offer U.S. Steel had received months prior from rival steel company Cleveland Cliffs, founded in 1847. The Pittsburgh company rejected that offer, however.
The American icon will reportedly keep its name, and its headquarters will remain in Pittsburgh, where it was founded approximately 122 years ago. J.P. Morgan and Andrew Carnegie founded the company after Morgan financed a merger between three steel companies for $492 million at the time.
In addition, U.S. Steel was the first billion-dollar company in the United States.
Nippon will reportedly pay $55 per share, with shares hovering between that and $50 on the day of the sale's announcement.
The Japanese company reportedly stated that the acquisition will bring its annual crude steel capacity to 86 million tons to meet demands for automotive and electrical steel.
"The transaction builds on our presence in the United States, and we are committed to honoring all of U.S. Steel’s existing union contracts,” Nippon President Eiji Hashimoto said in a statement.
While the transaction will clearly help grow the Japanese company's market, the U.S. Steel CEO David Burritt claimed that the deal will actually benefit the United States.
A sale to Nippon “[ensures] a competitive, domestic steel industry, while strengthening our presence globally," Burritt claimed.
While the purchase has been approved by board members from both companies, it still needs approval from U.S. Steel shareholders.
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President Joe Biden has quietly continued his predecessor’s America-first tariffs.Woman pleads guilty after decades of doctoring test results regarding steel utilized to make Navy submarines
Elaine Marie Thomas, 67, plead guilty to fraud following more than 30 years of falsifying the outcomes of strength tests conducted on steel that was utilized to make Navy submarines, according to the Associated Press.
She previously served as the director of metallurgy at a foundry that provided steel castings utilized to create submarine hulls, according to the AP.
"From 1985 through 2017, Thomas falsified the results of strength and toughness tests for at least 240 productions of steel — about half the steel the foundry produced for the Navy, according to her plea agreement, filed Monday in U.S. District Court in Tacoma," the AP noted. "The tests were intended to show that the steel would not fail in a collision or in certain 'wartime scenarios,' the Justice Department said," according to the outlet.
While no hull failures are alleged, authorities said the Navy faced increased costs and maintenance to make certain that the vessels stay seaworthy, according to the AP, which noted that the government did not reveal which submarines were impacted.
"Ms. Thomas never intended to compromise the integrity of any material and is gratified that the government's testing does not suggest that the structural integrity of any submarine was in fact compromised," the woman's attorney John Carpenter noted in a statement filed in U.S. District Court on Thomas's behalf, according to the outlet
"This offense is unique in that it was neither motivated by greed nor any desire for personal enrichment. She regrets that she failed to follow her moral compass – admitting to false statements is hardly how she envisioned living out her retirement years," he noted.
When approached about the fake test results Thomas told investigators, "Yeah, that looks bad," the DOJ said, according to the AP. Thomas indicated that in some instances she altered the tests to passing results because she believed it was "stupid" that the Navy required the tests to be executed at negative-100 degrees Fahrenheit.
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