It was bound to happen

[eyecu2]

Japanese steel manufacturer is going to buy US Steel for 15 billion.

PITTSBURGH (KDKA) -- The United States Steel Corporation is being purchased by the Nippon Steel Corporation, the largest steelmaker in Japan.

The companies announced the news of the purchase early Monday morning and say that it will be an all-cash transaction at a value of $55 per share, making the total deal worth nearly $15 billion, including Nippon acquiring U.S. Steel's debt.

As part of the agreement, U.S. Steel, which was founded in 1901 by Andrew Carnegie, J.P. Morgan, and Charles Schwab, will keep its iconic name and headquarters in Pittsburgh and all collective bargaining agreements with the United Steelworkers Union will be honored.


Andrew Carnegie legacy was asked for a comment, but they said they could only hear a whirring by his gravesite, speculating he was spinning like a Kenny Rogers rotisserie hen.

[onawbtngr546]

In the short term, this is good... compared to the alternative of them going out of business or being sold to someone else in America. The jobs and HQ stay here. Japanese are known for treating employees better than Americans..


However I'm still on the edge about what kind of effect this will have long term, 10+ years from now.

[eyecu2]

Agree on better than lost jobs. Sadly most domestic; specifically local steel production has been on the downside for a good while. Some speciality pipe for oil and gas has still done well locally, but in general, all the big stuff like large castings and other arc furnace products are made over-seas already. They apparently still do some decent sheet goods from the continuous cast unit at Edgar Thomas works. USS never invested in many infrastructure and technology things. The foot print has shrunk to just 3 locally; 1 near braddock, and then Irvin and Clairton. Most of the bigger plants are now elsewhere in the USA; again it's just a shame to see a PGH based and run corporation no longer a mainstay of employment locally and now sold. I am not a fan of the dirty smoggy days of downtowns' hey day, but a tip of the hat to those who made the city the "steel city" and brought notoriety to the region!

[DNinja69]

I hate to see this move but it isn't anything new. For anyone that buys gas n snacks at a 7-11 they have been owned by a Japanese entity for a long while now. Chrysler is no longer American owned. Budweiser as well.

We have not given companies enough reasons to maintain US ownership and don't 'buy American' as a practice.