Union slams Nippon Steel’s $14.1 bn
deal for US Steel
Agence France-Presse,
by
Staff
Original Article
Posted By: Imright,
12/18/2023 3:59:34 PM
A major US union representing steelworkers slammed the deal by Japan’s Nippon Steel to buy US Steel Corp for $14.1 billion, which was confirmed on Monday just months after US Steel rejected an offer from its main domestic rival.
The leading Japanese steelmaker will acquire the company in an all-cash deal at $55 per share, a 40 percent premium above its closing price on Friday and representing an equity value of about $14.1 billion, the companies said in a statement. Nippon will also assume the US firm’s debt, taking the total deal to $14.9 billion.
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Another December 7 but no Hawaii, just money…sad, just plain sad.
13 people like this.
Reply 2 - Posted by:
bpl40 12/18/2023 4:30:24 PM (No. 1619972)
I remember the scene from Godfather II - "Michael we are bigger than US Steel!" How the times change.
8 people like this.
Reply 3 - Posted by:
Birddog 12/18/2023 5:13:05 PM (No. 1619984)
Steel workers unions supported Dem politicians that shut down mining, refining, foundries, and mills...For the Green Vote,
Supported Dem Politicians that inked trade deals that sent all of that work overseas....
NOW, they want to complain that the Companies themselves are being "Sold Foreign"?
Toooooo Late...but the rest of us will still have to pay a price for their perfidy.
How will this work under Federal Buying rules that spec USA made Products?
As Biden said..."Learn to Code"
21 people like this.
Reply 4 - Posted by:
mc squared 12/18/2023 5:23:11 PM (No. 1619989)
When will unions wake up and see that Trump was better for US business and their workers.
20 people like this.
Reply 5 - Posted by:
stablemoney 12/18/2023 5:57:19 PM (No. 1620008)
Here's the thing union, you don't own the company, you just work there, and that only because of threats and intimidation.
5 people like this.
Reply 6 - Posted by:
chagrined 12/18/2023 6:34:16 PM (No. 1620024)
Unions = Suckers. They've been voting for the people selling them out for decades. Yeah, many of them probably got by, or ahead, for the support they provided, but look where they are now. What a buncha chumps.
6 people like this.
Reply 7 - Posted by:
swarfer 12/18/2023 8:06:52 PM (No. 1620070)
How much US steel still lies at the bottom of Pearl Harbor? While we lived off the fat of the land, our defeated enemies recovered their wealth by hard work and sacrifice. What did we do? Lock in profits by selling out every chance we could get. Whenever we get called out, we huff, puff and strut around like the world’s superiors because we can borrow all we want to create the facade of prosperity. Nippon Steel probably would have bought US Steel long ago but had to wait for most all the WWII vets to pass away to avoid an uproar. No ill will to Nippon Steel, just plain contempt and disgust for our leadership, Dems and Republicans.
7 people like this.
Reply 8 - Posted by:
MickTurn 12/18/2023 8:16:40 PM (No. 1620074)
Union thugs wetting on the shoes of their NEW BOSSES...Wait for it, Nippon will slam them into the wall!
5 people like this.
Reply 9 - Posted by:
DanvilleBill 12/18/2023 11:10:02 PM (No. 1620141)
Populists don't much care for free markets.
4 people like this.
Reply 10 - Posted by:
robertthomason 12/18/2023 11:13:31 PM (No. 1620142)
Wonder what the folks at Vanguard think about this?
1 person likes this.
Reply 11 - Posted by:
mifla 12/19/2023 4:32:31 AM (No. 1620216)
Unions keep voting for their demise. You cannot fix stupid.
2 people like this.
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