Showing posts with label US Steel. Show all posts
Showing posts with label US Steel. Show all posts

Wednesday, June 18, 2025

America First for sale

Japan's Nippon Steel on Wednesday completed its $14.1 billion takeover of Pittsburgh-based U.S. Steel, and provided greater detail on its national security agreement with the American government.

  Axios
Bringing steel manufacturing back to the US?
Nippon agreed to buy U.S. Steel in late 2023 for $55 per share, in a deal that was opposed by both the United Steelworkers union and then-candidate Donald Trump.

President Biden also signaled opposition, and later blocked the deal on national security grounds.

[...]

Trump, upon taking office, ordered a new national security review. His administration also began negotiating for concessions, including additional investments from Nippon into U.S. Steel facilities. The two sides seemed to have an agreement weeks ago but didn't officially provide details — raising the risk of insider trading.
Oh, you think? In the Trump administration?
The completed merger is under the same headline terms as the original agreement, including the $55-per-share price tag.

But it also includes the commitment of $11 billion of new investments in U.S. Steel by 2028, with another $3 billion after that.

The company's headquarters will remain in Pittsburgh (as originally anticipated); its key management and the majority of its board will be U.S. citizens.
But its profits will be Japanese.

Weren' those steel tariffs to protect US production?
U.S. Steel also committed under a national security agreement to producing enough steel to meet U.S. market demands.

Finally, the U.S. government gets a so-called "golden share," whereby the White House would need to approve changes to any of the above conditions. It's unclear what sort of enforcement mechanisms are attached.

This deal could create a playbook for foreign companies seeking to buy sensitive U.S. assets, by showing that the key to Trump's approval is making new investment promises.

UPDATE 06/19/2025:





Saturday, December 21, 2019

Jobs, Jobs, Jobs

U.S. Steel Corp. announced this week that it will close a mill near Detroit, laying off more than 1,500 workers as it tries to address financial losses.

The news comes just months after U.S. Steel announced it would be laying off 200 workers at the same mill, Great Lakes Works.

U.S. Steel said they expect to end the mill's iron and steelmaking operations by April 1, 2020, with another part of the mill closing by the end of 2020. The estimated job loss is 1,545 workers.

  The Hill
Those brilliant steel tariffs sure are working well.

...but hey, do what you want...you will anyway.

Tuesday, August 20, 2019

And, there go the jobs

January 28:



They didn't build any new plants.  Billions weren't paid to our treasury.  The steel industry has not been revived.

Today:
In mid-June, the company said it would idle two blast furnaces at its Great lakes [Michigan] and Gary [Indiana] Works plants, citing lower steel prices and softening demand.

U.S. Steel said the lay-offs at the Michigan plant could last beyond six months. They will impact nearly every area of the facility, from blast furnace to finishing operations, a company spokeswoman told Reuters.

The lay-offs call into question claims President Donald Trump has made about the resurgence of the domestic steel industry. Last week in Pennsylvania, Trump said his 25% tariff on foreign imports has turned a “dead” business into a “thriving” enterprise.

[...]

U.S. Steel’s stock price has plunged 73% since March 1, 2018, when Trump announced his decision to crack down on foreign imports.

  CNBC
...but hey, do what you want...you will anyway.

Tuesday, June 18, 2019

Well, that didn't take long

Starting in 2018, U.S. President Donald Trump has been touting the restorative value of the tariffs his administration imposed on imports that March. “Steel is coming back fast!” he said in a tweet a year ago. In another comment, he said, “These industries, it’s incredible what’s going on. U.S. Steel is building many plants and expanding many plants.”

  Bloomberg
Yes, but those were lies.
[O]n Tuesday U.S. Steel Corp., one of the beneficiaries of the president’s metal tariffs, announced that it will be idling two blast furnaces in the U.S., and one in Europe, until “market conditions improve.”

The decision comes amid falling steel prices in the U.S. due to worries of a glut from new capacity planned for the coming years. Major U.S. producers that had announced expansions or restarts include Nucor Corp., Steel Dynamics Inc., Commercial Metals Co., as well as U.S. Steel.

[...]

To be sure, the tariffs did provide an adrenaline rush of energy to the industry. Nucor, the country’s largest steelmaker, and U.S. Steel were among companies that saw significant profit gains in 2018. But on the whole, investors have reason to feel short-changed. The S&P Supercomposite Steel Index has dropped 29 percent in the past year, with U.S. Steel’s 60% drop among the worst of the gauge’s 13 companies.
Oh well.

Monday, January 28, 2019

"Your favorite president"

Is a dick.  No fan of Schultz running for president, but...



What a dick.  And an idiot.




Which is it?  We're getting "billions" from imported steel, or we're producing all our own steel in new and expanded plants?   Neither, actually.  But, let me guess why The Wall is supposedly going to be made of steel.



Pretty sure most everybody thinks he won't build the WALL.  "More than any president."  God, he's a fucking superhero.



More like "up TO 19%."  Aides are still showing him poll numbers from only the rabid right sources.

Fox's new negative coverage is going to come in for some nasty tweeting.  Better be careful.



Murdock.

Old Lardass seems to be recovering from Friday's news.

...but hey, do what you want...you will anyway.

UPDATE:






UPDATE:




Thursday, June 28, 2018

Tariff backlash

The American Institute for International Steel (AIIS) on Wednesday filed a lawsuit challenging President Trump’s tariffs on imported steel and aluminum.

Joined by two member companies in the lawsuit, the trade association asks a court to declare that Trump’s 25 percent tariffs on steel are unconstitutional because, it charges, they represent an improper "delegation of legislative power to the president," and violate the doctrine of separation of powers and the system of checks and balances.

  The Hill
I'm quite sure that's not what really bothers them.
The lawsuit, filed in the U.S. Court of International Trade, asks the court to block the Trump administration from enforcing the tariffs. While many AIIS member companies do not pay the tariff directly, they are affected because the amount of steel imported is decreasing due to the tariffs.
And their jobs are at stake. That's what they really mean.
Trump implemented the tariffs on imported steel and aluminum in March, and has faced backlash from companies who have said the tariffs are causing them to struggle financially.
America first!

...but hey, do what you want...you will anyway.

Friday, March 2, 2018

Isn't that called insider trading?

And isn't it illegal?
In a little-noticed SEC filing submitted on February 22, 2018, [billionaire investor and longtime Trump confidant Carl] Icahn disclosed that he systematically sold off nearly 1 million shares of Manitowoc Company Inc. Manitowoc is a “is a leading global manufacturer of cranes and lifting solutions” and, therefore, heavily dependent on steel to make its products.

The filing came just seven days before a White House event where Trump announced his intention of imposing a 25 percent tariff on steel imports.

[...]

Before February, Icahn was not actively trading Manitowoc stock. According to regulatory filings, he did not buy or sell any shares of Manitowoc between January 17, 2015 and February 11, 2018.

[...]

Manitowoc stock plunged, losing about 6 percent of its value. [...] As of 10:20 a.m. Friday, the stock had lost an additional 6 percent.

[...]

Icahn, a billionaire investor with far-flung holdings, is a close associate of Trump — who invoked Icahn’s name repeatedly on the campaign trail. Once in office, Trump installed Icahn as a “special adviser,” although Icahn did not not unwind his business entanglements before accepting the position.

Icahn resigned in August, in advance of a New Yorker article which detailed how he used his position in the White House and his connection to Trump to protect his investments.

[...]

In an interview on CNBC on Thursday, Icahn appeared to acknowledge at least occasional ongoing conversations with Trump, saying the two had not had “much” interaction in the last four to five months.

  Think Progress
He may have resigned, but he's obviously still using his relationship for the same purpose.

...but hey, do what you want...you will anyway.

Thursday, March 1, 2018

Uh-oh



It'll raise the cost of guns, too..

...but hey, do what you want...you will anyway.

Wednesday, January 17, 2018

More disappointed Trump voters

In an interview with CNN, United Steelworkers President Leo Gerard said that American workers are in some ways worse off now than they were just a year ago.

"We're terribly disappointed and hugely frustrated," Gerard told CNN. "There's been no action that has done anything to protect and defend American jobs. ... In some cases we're worse off now than we were then."

Chief among Gerard's concerns is the Trump administration's investigation, announced last April, into steel and aluminum imports from China and other countries suspected of violating trade practices.

At the time, Trump called the investigation “a historic day for American steel and, most importantly, for American steelworkers," and predicted that his administration would take action stemming from the investigation by the summer. So far, no action has been taken.

Part of the Trump administration's dialing back of pressure on China has been due to North Korean aggression, which Trump hopes China will help the U.S. solve.

  The Hill
Thanks for the excuse. The truth is, he doesn't give a shit about steel workers.

...but hey, do what you want...you will anyway.

Friday, December 22, 2017

Let's check in with American steelworkers, shall we?

In September, ArcelorMittal, which owns the [steel mill on the outskirts of Philadelphia], announced that it would lay off 150 of the plant’s 207 workers next year. While the cuts will start with the most junior employees, they will go so deep that even workers with decades of experience will be cast out.

[...]

The layoffs have stunned these steelworkers who, just a year ago, greeted President Trump’s election as a new dawn for their industry. Mr. Trump pledged to build roads and bridges, strengthen “Buy America” provisions, protect factories from unfair imports and revive industry, especially steel.

  NYT
Is it too soon to say, "I told you so," or to call these poor people suckers?
Foreign steel makers have rushed to get their product into the United States before tariffs start. According to the American Iron and Steel Institute, which tracks shipments, steel imports were 19.4 percent higher in the first 10 months of 2017 than in the same period last year.
Ha. They thought he might be serious, too.
That surge of imports has hurt American steel makers, which were already struggling against a glut of cheap Chinese steel.

[...]

James Rockas, a spokesman for the Commerce Department, said the administration was “aware of the plight of American steel workers and will continue working to halt unfair trade practices that harm our economy and kill American jobs.”
Right. Right.
Uncertainty about how [Trump's early executive order] measures will reshape trade rules is now weighing on many industries. Companies are waiting to invest, or finding additional suppliers outside the United States, executives in agriculture, automobiles, solar energy and information technology have said.

In April, the president ordered parallel investigations into imports of steel and aluminum under the little-used Section 232 of a 1962 trade law, which permits sweeping restrictions to protect national security.
Hell, Trump's done. He signed a document and showed it to cameras. He can't get any more publicity out of it. Are there any actual committees actually doing any investigation?
Wilbur Ross, the commerce secretary, said in late May that he expected to conclude the steel investigation by the end of June.

And in early June, Mr. Trump told a crowd in Cincinnati, “Wait till you see what I’m going to do for steel and your steel companies,” vowing that he would “stop the dumping” of products at superlow prices by other countries.

“We’ll be seeing that very soon. The steel folks are going to be very happy,” he said.

But the announcement never came.

[...]

“I think the White House is immobilized, because they have such a cacophony of voices,” said Senator Sherrod Brown, a Democrat from Ohio who describes himself as an ally of the president on trade. “This administration doesn’t seem to know what it thinks about trade.”
It has no head. Only a reality TV buffoon who likes to pit people against each other and watch the shit show.

And...Wilbur Ross?



There's a guy read for work.

At least he's working for himself.  And maybe Putin.  Who knows?  He sometimes slips his watchers.
The Commerce Department must present the results of its investigation to the president by Jan. 15. The president will then have 90 days to decide what to do.
Oh, boy. Another last-minute kettle of slop.
President Trump and his advisers say they have been focused on the tax legislation, which Congress passed this week. The White House has said that it plans to turn to trade measures, including the steel investigation, once the bill is signed into law.
An entire White House of advisers and administrators, and they can't handle more than one thing at a time.
Scott Paul, the president of the Alliance for American Manufacturing, a trade group that represents steelworkers, said he had “a profound sense of frustration that the president has been using steelworkers as political props.”
Too bad you didn't see that last October.
Kameen Thompson, the union president at the Conshohocken plant, said many workers had voted for Mr. Trump because of his support for steel. “You want to vote for what you believe is going to help you keep a job,” Mr. Thompson said.

[...]

“He told them what they wanted to hear so they would vote for him, and now they’re seeing what president he is,” she said.
You'd think someone old enough to vote would have figured out how that works before now.

...but hey, do what you want...you will anyway.

Thursday, November 16, 2017

We don't need no steenkeen regulations



Perhaps they learned they needed to be sure they hid what they were doing.

...but hey, do what you want...you will anyway.