Economy Japan's Nippon Steel to acquire U.S. Steel for $14.9 billion

[Renard]

Glorious, superior US steel, but folded over a 1000 times the Nihon way... Those katanas will be able to slice diamonds!

 

[Crawler89]

This is how they get back at y'all for the bomb

 

[The XL]

There should really be stronger restrictions on foreign countries buying American land and companies

 

[aerius]

It'll likely be an improvement to be honest, I used to work for a North American auto parts supplier which was bought out by Toyota and pretty much everything improved under the new owners. Toyota sent a team over for a few months to reorganize our processes, modernize our equipment, and train our workers, once everything was in place our productivity went up and quality was massively improved. Worker pay, hours, and work conditions all got better too.

Our union was not happy though since they couldn't make any more bullshit grievances to justify their existence.

 

[Super_Nintendo]

- Dude. How did you make gifs work?
I think you're really a Snes console after all. The most important human invention in history.

gifs from this site work for some reason

GIPHY - Be Animated

GIPHY is the platform that animates your world. Find the GIFs, Clips, and Stickers that make your conversations more positive, more expressive, and more you.

giphy.com

 

[blackheart]

Would you still say the same if a Chinese company bought it?

To take issue with this is to take issue with capitalism. Private ownership of capital is the distinguishing feature of capitalism. That private ownership can do what it wants with its capital. Capital doesn't give a fuck about borders or national allegiances. Those considerations get in the way of profits.

 

[LeonardoBjj]

gifs from this site work for some reason

GIPHY - Be Animated

GIPHY is the platform that animates your world. Find the GIFs, Clips, and Stickers that make your conversations more positive, more expressive, and more you.

giphy.com

- Thank you, Snes. Were Bro's now!

 

[JudoThrowFiasco]

NIPPON makes fantastic golf shafts

 

[Fluffernutter]

It'll likely be an improvement to be honest, I used to work for a North American auto parts supplier which was bought out by Toyota and pretty much everything improved under the new owners. Toyota sent a team over for a few months to reorganize our processes, modernize our equipment, and train our workers, once everything was in place our productivity went up and quality was massively improved. Worker pay, hours, and work conditions all got better too.

Our union was not happy though since they couldn't make any more bullshit grievances to justify their existence.

Were you played by Michael Keaton in the movie?

 

[nonoob]

But at least it wasn't sold to the Chy Neez.​

 

[Islam Imamate]

Good point. No, I wouldn't like it - because of the way the CCP operates and how their government has ultimate control over their companies. I think Tik Tok should be banned because of the shady shit they do operating in the US.

But Japan is a democracy and our ally. It's like getting mad about Sony having a movie studio in the US and making Hollywood movies. Or mad that Toyota sells a lot of cars in the US. They're as much an American company as Japanese at this point.

Unironically this is Bidenomics in action and its good akshually.

 

[LeonardoBjj]

Nippon Steel delays closing of acquisition of US Steel until late this year after US DOJ request​

BY YURI KAGEYAMA
Updated 11:16 AM BRT, May 3, 2024

TOKYO (AP) — Nippon Steel said Friday it has postponed the expected closing of its $14.1 billion takeover of U.S. Steel by three months after the U.S. Department of Justice requested more documentation related to the deal.

Tokyo-based Nippon Steel Corp. said the deal, already approved by U.S. Steel’s shareholders, is still expected to go through.

“Nippon Steel will continue to fully cooperate with the examination of the relevant authorities,” it said in a statement.
The sale has drawn opposition from President Joe Biden’s administration on economic and national security grounds, and from former President Donald Trump, the likely Republican presidential candidate in November’s election.

The new timing could push the closing beyond the election, but Nippon Steel denied the delay was related to that.

Initially the deal was supposed to have closed by September. Now it will close by December, meaning it could still close as early as September, according to a company spokesperson, who requested the anonymity customary at Japanese companies.

More than 98% of the Pittsburgh-based U.S. Steel Corp. shares voted at a special investor meeting in April approved the takeover. Nippon Steel has said it has prepared adequate financing to go through with the deal.

First announced in December last year, the merger of U.S. Steel into Nippon Steel has raised concerns about what that might mean for unionized workers, supply chains and U.S. national security.



The United Steelworkers union has opposed the acquisition.

Japanese Prime Minister Fumio Kishida met Biden last month. But there was no indication the topic came up in the summit.

When Biden visited the Pittsburgh headquarters of United Steelworkers recently, he reiterated his opposition to the Nippon Steel purchase, stressing U.S. Steel “has been an iconic American company for more than a century and it should remain totally American.”

The U.S. steel industry has declined over the decades as global steel production came to be dominated initially by Japan, and more recently by China. Under the deal, U.S. Steel will keep its name and its headquarters in Pittsburgh, where it was founded in 1901.

https://apnews.com/article/steel-me...ust-approval-d9e5cf604e51d13076ea6bc03ab8780c