Went down a rabbit hole yesterday trying to understand the details surrounding US Steel company news.
Japanese company Nippon Steel attempted to acquire US Steel for 14 billion, and was blocked by Biden citing national security concerns. Also, perhaps bc Biden was pandering to unions. Apparently Trump also pledged to block the deal.
Japan is pissed because they have excess steel manufacturing, and considered the blocked deal a violation of our arrangement as allies.
There are two other major American steel manufacturers, Nucor and Cleveland-Cliffs. They are interested in a joint deal to purchase US steel for about 7 billion if Trump follows through on promises to void the Nippon deal.
Some concerns that blocking Nippon would lead to effective monopoly on domestic steel production in US.
Nucor is #1 in US and #15 globally. Mostly based in southern states. No union.
I watched interviews with both Nucor and Cleveland-Cliffs CEOs. They claim there is a practice called steel dumping where other countries smuggle cheap steel into US through Mexico/Canada. Apparently a practice Trump wants to stop through border policy.
https://www.reuters.com/markets/com...nth-net-profit-down-18-24-billion-2025-02-06/
Trump is meeting with Japanese prime minister Shigeru Ishiba at white house on Friday.
Thoughts?
Japanese company Nippon Steel attempted to acquire US Steel for 14 billion, and was blocked by Biden citing national security concerns. Also, perhaps bc Biden was pandering to unions. Apparently Trump also pledged to block the deal.
Japan is pissed because they have excess steel manufacturing, and considered the blocked deal a violation of our arrangement as allies.
There are two other major American steel manufacturers, Nucor and Cleveland-Cliffs. They are interested in a joint deal to purchase US steel for about 7 billion if Trump follows through on promises to void the Nippon deal.
Some concerns that blocking Nippon would lead to effective monopoly on domestic steel production in US.
Nucor is #1 in US and #15 globally. Mostly based in southern states. No union.
I watched interviews with both Nucor and Cleveland-Cliffs CEOs. They claim there is a practice called steel dumping where other countries smuggle cheap steel into US through Mexico/Canada. Apparently a practice Trump wants to stop through border policy.
https://www.reuters.com/markets/com...nth-net-profit-down-18-24-billion-2025-02-06/
Trump is meeting with Japanese prime minister Shigeru Ishiba at white house on Friday.
Thoughts?
