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Shares of US Steel Melt After Kamala Harris Opposes Nippon’s $15BN Buyout Deal
Conservative Playbook ^ | September 03, 2024 | Tyler Durden

Posted on 09/03/2024 11:37:28 AM PDT by Red Badger

US Vice President and Democratic presidential candidate Kamala Harris visited Pittsburgh for the Labor Day holiday with President Biden. There, she declared that United States Steel should remain domestically owned and operated, yet another high-profile critic of US Steel’s proposed sale to Japan’s Nippon Steel.

“US Steel is a historic American company, and it is vital for our nation to maintain strong American steel companies,” Harris told the audience at Union Hall in Pittsburgh, where US Steel is headquartered.

She said, “I couldn’t agree more with President Biden — US Steel should remain American-owned, and American-operated. And I will always have the backs of America’s steelworkers.”

Harris commented on the Nippon Steel deal while visiting Pennsylvania on Monday. The state has become a critical battleground area as she is attempting to shore up support for blue-collar workers ahead of the November election.

“I will continue to count on the strength, the determination, and the hard work of the leaders in this room to knock on doors, to get folks to the polls and, bluntly put … to help us win Pennsylvania,” Harris told the crowd.

Harris has revealed she is essentially a mirror image of Biden – not shocking whatsoever – and will follow the president’s pro-union footsteps. Her campaign’s block of Nippon Steel’s US Steel bid is identical to Biden’s.

Nippon’s planned $15 billion acquisition of US Steel has faced bipartisan political backlash since the deal was announced in late 2023. The Japanese company has conducted a bold lobbying campaign in recent months to ensure the deal goes through amid concerns about a faltering steel industry in the US.

Despite the critics, Nippon executives remain “confident” that its “acquisition of US Steel will revitalize the American steel rustbelt, benefit American workers, local communities and national security in a way no other alternative can.”

Meanwhile, Republican nominee and former President Donald Trump has also vowed to block the transaction. This is yet another policy that Harris closely aligns with Trump on.

In markets, shares of US Steel in New York were 6% lower in premarket trading around the mid-point of the $35 handle.


TOPICS: Business/Economy; China; Foreign Affairs; Government; Japan; Politics/Elections
KEYWORDS: buyout; ccp; china; fakenews; japan; kamala; nipponsteel; stockmarket; ussteel; ussteelstock
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1 posted on 09/03/2024 11:37:28 AM PDT by Red Badger
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To: Red Badger

Maybe be worth picking up some shares at fire-sale prices

US Steel will THRIVE under a Trump Administration.


2 posted on 09/03/2024 11:39:49 AM PDT by PGR88
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To: Red Badger

She is a communist.

But — for now — she is willing to declare that she agrees with Trump on almost everything. I guess that Kamala Harris IS Donald Trump, but without the mean tweets.

I’m sure how many people will believe this.


3 posted on 09/03/2024 11:42:48 AM PDT by ClearCase_guy (My decisions about people are based almost entirely on skin color. I learned this from Democrats.)
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To: Red Badger

Both presidential candidates have said they would block the sale. I think that is stupid. US Steel is grossly mismanaged and needs a buyout. Cleveland Cliffs wants to buy it too, but is offering a tiny fraction of what Nippon is offering. The Japanese are not a security threat.


4 posted on 09/03/2024 11:42:52 AM PDT by Brilliant
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To: Red Badger

wait. is she in any position to stop it?

would rather not have it sold offshore either, but probably for much different reasons that she.


5 posted on 09/03/2024 11:44:01 AM PDT by xoxox
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To: Brilliant

cool. so you like working for the man, do ya?


6 posted on 09/03/2024 11:44:39 AM PDT by xoxox
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To: Red Badger

She says as government contracts (as well as private industry) go to corporations that buy foreign materials. Doesn’t help that American companies are mostly run by dolts and foreigners as well. Let’s not forget unions and DEI crap over their bottom line and innovation drives.


7 posted on 09/03/2024 11:44:58 AM PDT by Resolute Conservative
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To: Red Badger

Any deal where the employees are mostly American and the suits are mostly Japanese is a great deal for America.


8 posted on 09/03/2024 11:46:13 AM PDT by who_would_fardels_bear (Kafka was an optimist.)
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To: ClearCase_guy

If you believe her, then the only issues that she disagrees with Trump on are the border and abortion. You often hear Dems say that the GOP is no better on controlling spending than Dems, which is demonstrably false. But now you have Harris promising a tax cut. The Dems seldom honor their promises to increase taxes despite their constant criticism of GOP tax cuts.


9 posted on 09/03/2024 11:48:44 AM PDT by Brilliant
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To: Red Badger

Unbelievable.


10 posted on 09/03/2024 11:49:00 AM PDT by sauropod ("This is a time when people reveal themselves for who they are." James O'Keefe Ne supra crepidam)
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To: Brilliant

China is already heavily invested in America’s real estate, businesses, and now heavy industry. They have infiltrated universities, government, main street and more.

This must come to a halt.


11 posted on 09/03/2024 12:00:43 PM PDT by elpadre
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; BraveMan; cardinal4; ...
Republican nominee and former President Donald Trump has also vowed to block the transaction. This is yet another policy that Harris closely aligns with Trump on.

12 posted on 09/03/2024 12:06:52 PM PDT by SunkenCiv (Putin should skip ahead to where he kills himself in the bunker.)
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To: Red Badger

Biden Harris wants it in Chinese hands. Or one of those other American hating countries Hunter collects cash for The Big Guy.


13 posted on 09/03/2024 12:11:37 PM PDT by Organic Panic (Democrats. Memories as short as Joe Biden's eyes)
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To: Red Badger

Japan has been dumping their steel here forever. It deserves a tariff. And get the Unions out of the steel business.


14 posted on 09/03/2024 12:28:39 PM PDT by Sacajaweau (mY)
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To: Red Badger

https://www.dlapiper.com/en/insights/publications/2022/02/us-lifts-section-232-tariffs-on-steel-from-japan-effective-april-1-2022


15 posted on 09/03/2024 12:31:03 PM PDT by Sacajaweau (mY)
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To: PGR88

Maybe not. Steelmakers using electric furnaces built brand new mills during Trump’s time in office.

To the extent US Steel is using old technology, it may not thrive.

Anyone?


16 posted on 09/03/2024 12:35:13 PM PDT by meatloaf
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To: Red Badger
Hard to have serious Navy without a thriving steel industry.
17 posted on 09/03/2024 12:38:50 PM PDT by central_va (I won't be reconstructed and I do not give a damn...)
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To: meatloaf

Considering Cleveland Cliffs tried to buy them last year, US Steel is in trouble. But Big River Steel, owned by USS, is who they really want. BRS has a big, brand new footprint with a lot of new technology.


18 posted on 09/03/2024 12:46:46 PM PDT by inkdude
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To: Red Badger

The can put Orren Boyle in charge.


19 posted on 09/03/2024 12:49:38 PM PDT by Tijeras_Slim
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To: meatloaf

Unions prevent our steelmakers from making upgrades that “cost” jobs, forcing them to use more labor intensive and expensive older technology.

This has been an issue with our steel companies for 40 years at least. They are also poorly managed also, so both sides in this issue are killing the company.


20 posted on 09/03/2024 1:33:56 PM PDT by packrat35 (Pureblood! No clot shot for me!)
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