Daily Reckoning on Nostr: The Sad Decline of an American Icon ========== The American steel industry is in ...
The Sad Decline of an American Icon
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The American steel industry is in decline, highlighted by Japan's Nippon Steel's $14.9 billion offer to acquire U.S. Steel; U.S. Steel's market cap is approximately $7.3 billion, ranking 25th in global steel output; U.S. Steel was formed in 1901 and peaked with over 340,000 workers; the United Steelworkers Union (USW) opposes the acquisition, claiming lack of consultation; President Biden and Kamala Harris also oppose the deal, while Trump states he will stop the acquisition; Nippon Steel promises $2.7 billion in investments and to maintain U.S. Steel's headquarters in Pittsburgh; without new investments, U.S. Steel risks obsolescence; the steel industry faces challenges with outdated technology compared to global competitors.
#SteelIndustry #UsSteel #NipponSteel #Politics #Economy #Manufacturing #Union #Biden #Harris #Trump
https://dailyreckoning.com/the-sad-decline-of-an-american-icon/
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The American steel industry is in decline, highlighted by Japan's Nippon Steel's $14.9 billion offer to acquire U.S. Steel; U.S. Steel's market cap is approximately $7.3 billion, ranking 25th in global steel output; U.S. Steel was formed in 1901 and peaked with over 340,000 workers; the United Steelworkers Union (USW) opposes the acquisition, claiming lack of consultation; President Biden and Kamala Harris also oppose the deal, while Trump states he will stop the acquisition; Nippon Steel promises $2.7 billion in investments and to maintain U.S. Steel's headquarters in Pittsburgh; without new investments, U.S. Steel risks obsolescence; the steel industry faces challenges with outdated technology compared to global competitors.
#SteelIndustry #UsSteel #NipponSteel #Politics #Economy #Manufacturing #Union #Biden #Harris #Trump
https://dailyreckoning.com/the-sad-decline-of-an-american-icon/