US Steel

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Biden Vows to Block Acquisition of US Steel

He also aims to triple tariffs on Chinese steel

(Newser) - President Biden promised cheering unionized steelworkers on Wednesday that his administration would block the acquisition of US Steel by a Japanese company. He also called for a tripling of tariffs on Chinese steel, seeking to use trade policy to win over working-class votes in Pennsylvania, an election-year battleground. Biden said...

Shaky US Steel Sale Wins Backing of Shareholders

Opponents of Nippon deal include presidential candidates, unions

(Newser) - The deal's opponents include union leaders and the two major candidates for president in the November election, but US Steel's shareholders nevertheless voted overwhelmingly Friday to sell to Nippon Steel for a package worth $14.1 billion . If the sale goes through, investors would receive $55 in cash...

Biden Urges 'Serious Scrutiny' of US Steel Sale After Outcry

President suggests acquisition reviewed for national security implications

(Newser) - With the deal facing quick opposition from congressional members of both parties and the United Steelworkers union, Biden administration officials said Thursday that the president believes government regulators should take a close look at the proposed acquisition of US Steel. The company's sale, to Japan's Nippon Steel in...

Japan's Nippon Steel Scoops Up US Steel for $14B

New combined company will be among top 3 steel-producing companies in the world

(Newser) - US Steel, the Pittsburgh steel producer that played a key role in the nation's industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion. The transaction is worth about $14.9 billion when including the assumption of debt. The combined company will...

'Angry' Steelworkers Are Ready to Strike

Workers for US Steel say they're ready to walk off the job

(Newser) - US Steel workers are fired up and ready to strike if a new contract isn't reached soon, the Times of Northwest Indiana reports. Workers for the Pittsburgh-based company voted nationwide this week to approve a strike if talks involving health care costs, retiree benefits, and wage increases don't...

Dow Rallies on Housing; Up 214
 Dow Rallies on Housing; Up 214 

Dow Rallies on Housing; Up 214

Financials and materials firms gain on construction spending, existing home sales

(Newser) - Stocks rallied today on positive economic news, with the S&P 500 surpassing the psychologically significant 900 mark, the Wall Street Journal reports. Surges in construction spending and existing-home sales fueled investor optimism, with financials and materials firms pacing advances. The Dow rose 214.33 to close at 8,426....

Dow Drops 125 With Banks, Materials
 Dow Drops 125 
 With Banks, Materials 

Dow Drops 125 With Banks, Materials

Market awaits Alcoa earnings after close

(Newser) - Stocks posted losses today as financial and basic-materials firms led losses, MarketWatch reports. Alcoa, which reports earnings after the bell, fell 7.32% on expectations the steel giant will report losses of 10 cents a share. The Dow closed down 125.13 at 8,474. The Nasdaq fell 32.80...

Slowdown Puts Mining Outfits in Deep Hole

China's drop in demand further drives down commodities

(Newser) - Mining companies are shutting down production, laying off workers, and trying to sell excess product as the global economic slowdown drills into the industry’s profits, reports the Wall Street Journal. Metal prices dropped a record 35% last month, and nearly every mineral has been hit. Mining, once an economic...

US Steel Buys Canadian Rival
US Steel Buys Canadian Rival

US Steel Buys Canadian Rival

$1.1B deal for Stelco consolidates market, makes Pittsburgh giant fifth largest

(Newser) - US Steel's agreement to buy Canadian competitor Stelco for $1.1 billion, making it the world's fifth-largest steelmaker, is the company's second major acquisition this year, but not necessarily the last, CEO John Surma said yesterday. In the face of breakneck growth by Indian and Russian steel producers, the Pittsburgh...

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