Yeah, this has been going on for a couple of years now. US based steel company Cleveland Cliffs has 3 steel mills along here on Lake Michigan near Gary, IN US Steel. US Steel rejected Cliffs’ offer to buy. US Steel accepted Nippon’s offer. It was agreed that US Steel would keep its iconic name.
The USW union has been fighting this since day one. Nippon has promised the union that they will continue to invest billions of dollars in upgrades to ensure that these US Steel facilities continue to operate for decades to come. The mayor of Gary, IN is excited by the potential purchase. US Steel has facilities in Mon Valley and Clairton near Pittsburgh. Those mayors are supporting the purchase also.
Meanwhile, both Chump and Biden have been outspoken about the proposed Nippon US Steel purchase. They both are against this. Right now, the ball is in Biden’s court. Supposedly he has the power to reject this purchase. A decision is reportedly to be made soon by Biden.
Personnally I wished that US Steel would have accepted the bid to buy from Cleveland Cliffs. Nippon offered a lot more. If Nippon’s promises billions in upgrades and 10 years of jobs security come true then it may turn out to be a good deal. Because currently there is a reason that US Steel wants to sell. I’m not sure in its current state of affairs that they will or will not close any plants.
