US STEEL purchased by Japan's Nippon Steel for 14.9 Billion.

[Ed MOTHERFUCKING G]

Japan's Nippon Steel to buy U.S. Steel in a $14.9 billion deal

Japan's Nippon Steel clinched a deal on Monday to buy U.S. Steel for $14.9 billion in cash, prevailing in an auction for the 122-year-old iconic steelmaker.

www.cnbc.com

Japan’s Nippon Steel clinched a deal on Monday to buy U.S. Steel for $14.9 billion in cash, prevailing in an auction for the 122-year-old iconic steelmaker over rivals including Cleveland-Cliffs
and ArcelorMittal.

The deal price of $55 per share represents a whopping 142% premium to Aug. 11, the last trading day before Cleveland-Cliffs unveiled a $35-per-share cash-and-stock bid for U.S. Steel.

Cleveland-Cliffs’ move prompted U.S. Steel to launch a sale process. In a meeting of its board of directors on Sunday, U.S. Steel deemed Nippon’s offer superior to a sale to Cleveland-Cliffs, which had raised its bid in the high $40-per-share range, the sources said.

Union opposes
All of U.S. Steel’s commitments with its employees, including all collective bargaining agreements in place with its union, will be honored, Nippon said.

Despite these assurances, the United Steelworkers union, which had endorsed heavily unionized Cliffs as the acquirer, said it is opposed the sale to Nippon because it did not have faith in labor agreements being upheld.

“Our union intends to exercise the full measure of our agreements to ensure that whatever happens next with U.S. Steel, we protect the good, family-sustaining jobs we bargained,” the United Steelworkers said. A spokesperson did not respond to a request for comment on further details on the union’s plans.

The union is fukked...

This is very sad, personally. Both my grandfathers, 3 uncles, and my dad during summers from college used to work at US Steel in Gary, IN. I have my grandfather's retirement watch which bears my name, thanking him and my grandmother for 40 years of service.

US Steel, and auto makers built the entire midwest, and most early millennials from the midwest's family foundation. GWB fought this from happening in the 00s, applying terrifs on Japanese steel. Personally, I'm disappointed.

 

[Fill Collins]

Damn isn't this what people feared in the 70s and 80s?

What a shame

 

[Forsaken]

Konnichiwa.

 

[42 Monks]

never thought this shyt would actually happen

 

[yung Herbie Hancock]

Uhhhh.... this is big. I think part of the reason why is because the Japanese are simply better at making steel now as well.

 

[NoMoreWhiteWoman2020]

It should be illegal to sell certain companies to foreign interests. Our largest steel company should not be foreign owned.

 

[cheek100]

Just a glimpse of what’s coming. They rocked us to sleep with all the patriot talk.

 

[Ed MOTHERFUCKING G]

Uhhhh.... this is big. I think part of the reason why is because the Japanese are simply better at making steel now as well.

I question that. They're cheaper and have been since the 00s but their steel was inferior then..I wrote a paper about the issue in college and correctly predicted the tariffs that followed.

Today, not sure on their quality.

 

[Ed MOTHERFUCKING G]

Damn isn't this what people feared in the 70s and 80s?

What a shame

It would've been cataclysmic then...it's bad now imo. And it's not the unions fault they haven't been greedy like the 00s era UAW

 

[Yapdatfool]

55 per share >>> 35 per share

 

[yung Herbie Hancock]

I question that. They're cheaper and have been since the 00s but their steel was inferior then..I wrote a paper about the issue in college and correctly predicted the tariffs that followed.

Today, not sure on their quality.

Right. They're cheaper and more competitive. The real problem here is that Wallstreet CACs decided to putsource our manufacturing base to asia during the 1970s and 1980s to the point where certain skills were lost. Now we can't competent with asia in manufacturing at all. Wallstreet cacs got greedy and wanted more money smh

 

[Windows 91]

Can it be blocked? The government blocked Chinese Broadcom from buying up Qualcomm. Antitrust and national security concerns.

 

[MajesticLion]

Natural progression.

 

[GoldenGlove]

What's Joe's reaction to this?

 

[Anerdyblackguy]

While this does suck the fact that it’s Japan owning it will make this okay with regulators. This isn’t China or a hostile foreign entity this is America second closest ally behind Canada.


The United States and Japan are way too intertwined and militarily and politically connected for this to be an issue