There is a reason why USW and politicians will never support Nippon Steel buying U.S. Steel, and that's principal.
During the steel crisis of the 1980s, where many antiquated mills were closed, steel mill communities were decimated by those closures and the very social fabric and trust was destroyed. One of the biggest importers of steel into the USA, amongst many countries, was Japan.
While the issues are complex, Japan was seen as a "villain" in the steel crisis of the 1980s. Whether that's fair or not, many people even today have a deep mistrust of Japan.
The principal of the matter is that if Japanese steel maker dumping in the 1980s was seen by many as contributing to the steel crisis (perhaps), then for many, why should a Japanese steel company that wants to buy US Steel, be believed and trusted to make a $1 billion dollar investment?
That's what this whole matter of Nippon Steel buying US Steel comes down to - trust.
Battle for U.S. Steel
Battle for U.S. Steel
News today that Nippon Steel is offering $1 billion dollars in up grades to the Mon Valley Works as part of their purchase agreement of US Steel.
Would have to think the USW would view this very positively in light of the questionable future for that mill. Can't see why the Union and the politicians continue to be against this sale esp with this offer.
If approved, should mean continued long haul footer trade for many more years.
Would have to think the USW would view this very positively in light of the questionable future for that mill. Can't see why the Union and the politicians continue to be against this sale esp with this offer.
If approved, should mean continued long haul footer trade for many more years.