XPost: rec.crafts.metalworking, sci.engr.metallurgy, alt.society.labor-unions   
   XPost: alt.fan.rush-limbaugh, talk.politics.guns, sac.politics   
   From: democrat-criminals@mail.house.gov   
      
   https://finance.yahoo.com/news/nippon-steel-harvard-educated-president-   
   090716454.html   
      
   Nippon Steel president Eiji Hashimoto is casting his decision to buy U.S.   
   Steel for over $14 billion in geopolitical terms. The deal is set to   
   transform the metals industry, creating a new steelmaking giant. This new   
   company would dominate the sector “excluding China, in the free-   
   competition world,” the Harvard-educated Hashimoto said, according to the   
   Wall Street Journal.   
      
   China currently dominates the steel industry. Six of the world’s top 10   
   steel producers are from China, with the state-owned Baowu Group leading   
   the pack, according to data from the World Steel Association. Nippon   
   Steel, currently ranked fourth, would rise to third place after acquiring   
   U.S. Steel. (ArcelorMittal, formed in 2006 from the merger of European   
   company Arcelor and Indian steelmaker Mittal Steel, is the world’s second   
   largest producer.)   
      
   Nippon Steel is paying a hefty premium for U.S. Steel. The Japanese   
   company is offering to pay $55 a share, significantly above U.S. Steel’s   
   price of $39.55 at Friday’s market close. (Shares have jumped 22% since   
   then, following Nippon Steel’s announcement.)   
      
   Despite that, Hashimoto has defended the price tag, saying the deal has   
   “sufficient economic rationality” on Tuesday. “We want to complete a   
   global network for a new era in the industry,” he said.   
      
   Several other companies had considered buying U.S. Steel as well.   
   Cleveland-Cliffs, another U.S.-based steelmaker, offered to buy U.S. Steel   
   at $35 a share earlier this year. (U.S. Steel rebuffed the offer.)   
   ArcelorMittal and Canada’s Stelco were also considering offers for U.S.   
   Steel.   
      
   U.S. lawmakers, however, don’t think Hashimoto’s decision to buy U.S.   
   Steel is good for American security. U.S. Sen. John Fetterman (D-Pa.)   
   complained that it was “outrageous that [U.S. Steel] sold themselves to a   
   foreign nation and … company” in a post on X, formerly Twitter. Fellow   
   Sen. J.D. Vance (R-Ohio) also opposes the deal, alleging that “a critical   
   piece of America’s defense industry was auctioned off to foreigners for   
   cash.” Fetterman, Vance, and Sen. Sherrod Brown (D-Ohio), who also opposes   
   the deal, all represent battleground states in next year’s U.S. elections.   
      
   The United Steelworkers union is also against the deal. The union’s   
   president, David McCall, said in a statement that neither U.S. Steel nor   
   Nippon Steel contacted the union about the deal, which violates an   
   agreement requiring U.S. Steel to notify the union of any changes in   
   control. That adds more political complexity to the deal, as President Joe   
   Biden seeks to shore up support from the U.S. labor movement ahead of the   
   election.   
      
   The deal still needs to be approved by the Committee on Foreign Investment   
   in the United States (CFIUS).   
      
   Hashimoto’s tenure at Nippon Steel shows an executive with a tough   
   negotiating style. He spent over four decades at Nippon Steel before   
   becoming president in April 2019. At the time, the company faced increased   
   competition from Chinese steelmakers and low sales margins. Hashimoto   
   successfully leaned on customers to pay higher prices, and even tried   
   suing Toyota Motor in 2021 for patent infringement. Nippon Steel dropped   
   its suit in November.   
      
   In 2019, the year Hashimoto became president, Nippon Steel lost $3.9   
   billion. Last year, the company generated $5.1 billion in profit.   
      
   This story was originally featured on Fortune.com   
      
   Lee   
   8 hours ago   
      
   You can thank the government and the Unions for driving US Steel and many   
   others out of business leaving them vulnerable to foreign takeovers. Yes!   
   The politicians tried their best to shut down steel plants in the 70's and   
   80's because they didn't smell nice. The Union workers took their pensions   
   and left no opportunity for the next generation.   
      
   The same people decimated the automobile industry. Most of the people   
   reading this post are driving a European, Japanese or Korean car.   
      
   Democrats and Unions do nothing for the worth of the U.S. They are nothing   
   more than clowns now with who knows what as their heros.   
      
   BourbonChicken   
   5 hours ago   
      
   Democrats killed the steel industry in America with their over the top   
   environmental laws.   
      
      
   --   
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   stupid people won't be offended.   
      
   Durham Report: The FBI has an integrity problem.  It has none.   
      
   No collusion - Special Counsel Robert Swan Mueller III, March 2019.   
   Officially made Nancy Pelosi a two-time impeachment loser.   
      
   Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden   
   fiasco, President Trump.   
      
   Under Barack Obama's leadership, the United States of America became the   
   The World According To Garp.  Obama sold out heterosexuals for Hollywood   
   queer liberal democrat donors.   
      
   President Trump boosted the economy, reduced illegal invasions, appointed   
   dozens of judges and three SCOTUS justices.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)