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U.S. Steel shareholders approve takeover by Nippon Steel opposed by Biden administration

40 Comments

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40 Comments
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The next US President will not allow Japan to do this.

Trump will indeed stop this or pull it back. And he would be right to do so.

That's very communist.

The owners of a company are not allowed to sell it?

Sounds like China or Russia.

You guys are saying & hoping that Trump will enforce a policy of state control?

1 ( +1 / -0 )

Trump will indeed stop this or pull it back. And he would be right to do so. But first the deal stil has to get regulatory approval.

So to heck with the shareholders who will get nothing if the sale is blocked. I guess they don't matter? Nippon Steel has operated in the US for decades. They are no threat to the US economy. In fact they bring value as every kilogram of steel they make in the US counts towards the US GDP.

1 ( +1 / -0 )

Another failure in which the Biden Administration proved useless.

So the decades long failure of US Steel to invest in the latest steel making technologies and remain internationally competitive is somehow the fault of a US President? The Boards of Directors and lack of vision on the part of their management are not at fault?

1 ( +1 / -0 )

Make sense, should be by American from American, for American!

Make America Great Again!

Nippon Steel will keep the company whole and probably invest in it to make more steel. If private equity buys US Steel they will load it up with debt and sell off the good assets then file bankruptcy. Pay attention to what happened to Sears, K-Mart, Oreck and 99Cents Only for examples of what I mean. That isn't making America great again.

1 ( +1 / -0 )

Another failure in which the Biden Administration proved useless.

-2 ( +0 / -2 )

Hopefully Nippon Steel will invest in upgrading in bring modern manufacturing techniques to the company.

-2 ( +1 / -3 )

President Joe Biden has come out in opposition to the deal, saying in March that the U.S. needs to “maintain strong American steel companies powered by American steelworkers.”

So Biden is weak and powerless. The next US President will not allow Japan to do this.

-5 ( +0 / -5 )

President Joe Biden has come out in opposition to the deal

And how much money did he offer the shareholders to buy/nationalise it?

Shouldn't be able to stop deals based on "national security" (the "age old cry of the oppressor" and worn-out excuse); should be able to offer a better deal or get out of the way.

-3 ( +1 / -4 )

What about the people that WORK there, any of THEM been asked?

Why should they be asked,? They don't own the company.

If I want to sell my house I not planning on getting permission from my gardeners and house staff.

1 ( +4 / -3 )

Good. Improve American industry.

-1 ( +2 / -3 )

Capitalism has won at this stage. And then comes the communist inclination of the Republican president next year?

-2 ( +1 / -3 )

The take over is actually another sign of the total collapse of Japan’s industry.

they dig deep in the governments coffers to buy foreign expertise and avoid steel import tariffs in the USA.

and once again they far overpay with a 33% bonus in the current share value.

Nippon steel does not bring anything but the 14 billion usd to the table. Certainly not management, nor sale, nor tec and no marketing expertise.

Trump will indeed stop this or pull it back. And he would be right to do so. But first the deal stil has to get regulatory approval.

0 ( +3 / -3 )

sakurasukiToday  07:28 am JST

Make sense, should be by American from American, for American! 

Make America Great Again!

totally! And we must pay the staff a totally low salary ….like. McDonald’s.

we must also make millions live with unaffordable health care.

we must make the workers so indebted to university loans to feed those loan companies, and keep the workers paying till they drop.

Then we must make housing so expensive the average joe can’t afford to buy. The ones that did buy scant afford to sell up. Rent inflation paying other peoples/landlords home mortgages. Totally great! Not!!!!!

0 ( +3 / -3 )

Trump will shoot this down - watch.

Most definitely.

-1 ( +4 / -5 )

The SHAREHOLDERS do huh ? Lol.

What about the people that WORK there, any of THEM been asked?

-5 ( +1 / -6 )

Mr GoodmanToday 12:19 pm JST

Uh, yah. The check cleared!!

Perhaps reading the article might help before commenting because it a proposed cash payment not a check !

Oh, yeah, that makes a big difference /s

2 ( +3 / -1 )

Uh, yah. The check cleared!!

Perhaps reading the article might help before commenting because it a proposed cash payment not a check !

-7 ( +0 / -7 )

As November 5th approaches quickly, the main reason for opposing it is for political (votes) reasons … period.

4 ( +4 / -0 )

But Biden is correct and Trump is not.

Despite having the same position and Biden changing his to match Trump’s.

that’s the left for ya.

-4 ( +5 / -9 )

Biden and Trump are the same on this issue, so what's with all the negativity towards the right?

The blind leading the blind?

-4 ( +2 / -6 )

Biden just doesn’t understand Japan at all.

Biden: “During World War II, America and Japan fought for common values!"

ummm…what?

-5 ( +7 / -12 )

OK . . . As long as it’s reciprocal in that U.S. companies are allowed to purchase Japanese companies which Japanese are sensitive about and consider essential.

4 ( +6 / -2 )

Shareholders aren't workers. They are stock investors looking for the best opportunity to have dividends and stock price growth. I probably have some US Steel in my portfolio in an ETF. I don't own the stock directly.

The company isn't exactly large with under 22K employees. They have a union and the union has gotten them good benefits and pay at the cost of being competitive in the world. In the early 1980s, the US Govt helped the company be more competitive through tax breaks. Instead of creating more efficient processes, the company took those tax breaks and funded other projects. In 2014, US Steel was dropped from the SP500 index, which took a bunch of the investment capitol away.

The Nippon Steel company has agreed to honor all union contracts and to leave the headquarters in Pittsburgh.

I see that the offer is at $55/sh and the close today was at $41.33. So, if you can buy some stock and the buyout is approved, you'll have a 33% gain. That's great for an old company like X in less than 2 yrs, which is about the time for a deal like this to close.

I don't mind Japanese companies having operations in the US. We have 40+ yrs of that and it hasn't been bad in other heavy industries.

9 ( +10 / -1 )

We're Singapore Standard ship builders and we appreciate all Japanese High Quality standards 'Steels' from way back (Five Decades) at least. By combining these TWO high standards steel manufacturing will be the way forward (that's the way I see it) and especially so to preventing cheapskates substandard China steels from entering this market/ industry.

7 ( +8 / -1 )

It's either this or you have thousands of steelworkers out of work and the shareholders know this.

Plus, Japan and the US are tight and well managed and efficient steel mills staying in operation will benefit the workers too. Beats bankruptcy.

5 ( +8 / -3 )

Who cares what Trump says. He's irrelevant. And he doesn't give a rodent's buttocks about "America" only about saving his own, at any cost.

The way to protect US Steel from Chinese competition is though this sale.

5 ( +11 / -6 )

If Biden was in his second term rather than his first, he would be all for this.

1 ( +7 / -6 )

It won't go under on Trump's watch. And it will remain American.

Watch.

-8 ( +7 / -15 )

Listen to the shareholders but not the blue-collar workers. Gotcha.

When US Steel goes under permanently, on the watch of a President of either stripe, you do realize there won't be any blue collar workers, don't you?

Under Nippon Steel, the Steel industry can become efficient, competitive - and provide jobs for those workers, and even more.

5 ( +12 / -7 )

Listen to the shareholders but not the blue-collar workers. Gotcha.

NAFTA 2.0

Hillary/Biden supporters have not learnt a thing.

-8 ( +5 / -13 )

...and his blind worshippers would praise him for it.

4 ( +11 / -7 )

@JJE: Trump will shoot this down - watch.

Trump will go in whatever direction pays him money. He would authorise the sale to the Chinese or the Russians if it was financially beneficial to him.

8 ( +15 / -7 )

Only Nippon Steel can get the moribund, inefficient and close to death US Steel industry going again - even the shareholders know this. The two presidential candidates would do well to listen to the 98% shareholder support.

10 ( +17 / -7 )

Trump will shoot this down - watch.

Considering that he's not in power, he won't be doing anything.

What he WILL do is blame Biden for "selling America out" or something like that. Politically, this is a loss for Biden. How much of a win it is for Trump depends on how well he spins it.

4 ( +10 / -6 )

President Joe Biden has come out in opposition to the deal, saying in March that the U.S. needs to “maintain strong American steel companies powered by American steelworkers.”

Joe came out against one month after Trump and copied his stance milquetoast.

What do the rank and file think?

Trump will oppose this.

Will Joe shapeshift after the dinner the other night? Another month to think about how he will sell more union workers down the river again? The union bosses were at the dinner but no blue collars you see.

-12 ( +3 / -15 )

@JJE: Twill shoot this down - watch.

The previous Guy (TPG)will shoot down anything that doesn't personally benefit him or his closest Cabal lackeys.

6 ( +9 / -3 )

Trump will shoot this down - watch.

Make sense, should be by American from American, for American!

Make America Great Again!

-23 ( +7 / -30 )

Uh, yah. The check cleared!!!

-3 ( +7 / -10 )

Trump will shoot this down - watch.

Probably. But he's got bigger things on his plate, like having to be in a court for the next few months. So he's pretty irrelevant.

14 ( +21 / -7 )

Trump will shoot this down - watch.

-18 ( +8 / -26 )

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