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US Steel to be acquired for more than $14B by Nippon Steel
Inside Indiana Business ^ | Monday, December 18, 2023 | ap

Posted on 12/18/2023 9:56:51 AM PST by Abathar

PITTSBURGH - U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion.

The transaction is worth about $14.9 billion when including the assumption of debt. The combined company will be among the top three steel-producing companies in the world, according to 2022 figures from the World Steel Association.

The price tag for U.S. Steel is nearly double what was offered just four months ago by rival Cleveland Cliffs. U.S. Steel, which rejected that offer, confirmed the offering price from Nippon early Monday.

(Excerpt) Read more at insideindianabusiness.com ...


TOPICS: Business/Economy; Foreign Affairs; Japan; Miscellaneous; News/Current Events; US: Pennsylvania
KEYWORDS: clevelandcliffs; japan; johnfetterman; pennsylvania
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To: Abathar
Manufacturing? We don’t need no stinking manufacturing! Besides, the Globalists tell us it’s all SERVICES and Free Trade now days!!

RIP Merica
21 posted on 12/18/2023 10:59:53 AM PST by Jan_Sobieski (Sanctification)
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To: Ex-Episcopalian

Not even close, they were a smaller player in the market. And their main product is hot-rolled.

They already announced all union contracts will be honored.


22 posted on 12/18/2023 11:01:18 AM PST by LRoggy (Peter's Son's Business )
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To: Worldtraveler once upon a time

My clients owned 20,000 shares, that’s part of your answer (retail broker)


23 posted on 12/18/2023 11:01:55 AM PST by LRoggy (Peter's Son's Business )
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To: 1Old Pro

It still will be domestic, the4y aren’t going to pack it up and move it to Tokyo . . .


24 posted on 12/18/2023 11:02:41 AM PST by LRoggy (Peter's Son's Business )
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To: wildcard_redneck

What a genius you are . . . the plants aren’t moving anywhere


25 posted on 12/18/2023 11:03:36 AM PST by LRoggy (Peter's Son's Business )
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To: Jan_Sobieski

Another genius

The plants aren’t going anywhere


26 posted on 12/18/2023 11:04:24 AM PST by LRoggy (Peter's Son's Business )
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To: USS Alaska
I was in college in the mid 60s and worked as a Steel Union worker and was paid triple time for working on a Thanksgiving Day

Wow! me too. But I worked for J&L, Pittsburgh Hazelwood plant. I was a fireman at the ingot mold foundry. After I built the fires in the ovens, I could study - I was a Junior at Pitt then.

27 posted on 12/18/2023 11:07:05 AM PST by FroggyTheGremlim (Plunk your magic twanger, Froggy!)
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To: LRoggy
Thanks for the compliment. It matches my IQ score!

US Steel is not leaving “now”. But Eventually they ALWAYS go away. Have you not followed American Manufacturing for the last 50+ years?
28 posted on 12/18/2023 11:08:00 AM PST by Jan_Sobieski (Sanctification)
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To: LRoggy
--- "My clients owned 20,000 shares...."

Past tense?

29 posted on 12/18/2023 11:28:33 AM PST by Worldtraveler once upon a time (Degrow government)
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To: Jan_Sobieski

Yes, I have at age 65

No one buys a company for $14 billion to shut it down or move it. USS supplies a lot of the hot rolled steel for the auto manufacturers. Since Japan’s car companies manufacture all over America, there’s no need to do anything different.

Hope that isn’t over your head as a simple explanation.


30 posted on 12/18/2023 11:41:44 AM PST by LRoggy (Peter's Son's Business )
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To: Worldtraveler once upon a time

Yep, sold on the opening. My clients are VERY HAPPY today.

And so am I! Lobster tonight . . .


31 posted on 12/18/2023 11:42:51 AM PST by LRoggy (Peter's Son's Business )
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To: LRoggy

The auto plants in Alabama will need lots of steel if somehow we can get Trump back in the White Hut.


32 posted on 12/18/2023 12:21:14 PM PST by Colt1851Navy (What was wrong with Nixon?)
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To: Abathar

When I worked in a machine shop several years ago, we bought our castings from foundries in America, with American steel and cast iron. We then started buying them from Chinese foundries. They were horrible, filled with porosity and far less tensile strength. The problem was you didn’t know it until you started to machine them and found the problem. Had to start x-raying every casting. Approximately 25% of them had foundry defects. I tried to tell management, but they wouldn’t listen. How’d that work out for you Phil?


33 posted on 12/18/2023 12:38:06 PM PST by kawhill (kawhill)
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To: LRoggy
"What a genius you are . . . the plants aren’t moving anywhere"

Foreign companies often buy up competitors only to shut them down. The Koreans are most likely interested in acquiring the customers and markets that US steel currently serves, not the production facilities. You're obviously an economic naïf, a business moron.

34 posted on 12/18/2023 1:17:28 PM PST by wildcard_redneck (He who sacrifices freedom for security deserves neither.)
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To: wildcard_redneck

$14 billion to shut it down? LOL

And its a Japanese company, not Korean. Get that right at least.

They will be supplying the auto industry for decades to come. What a fucking moron you are.


35 posted on 12/18/2023 5:37:04 PM PST by LRoggy (Peter's Son's Business )
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To: LRoggy

You are a pole dancing, free traitor whore :)


36 posted on 12/18/2023 6:03:38 PM PST by wildcard_redneck (He who sacrifices freedom for security deserves neither.)
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