{"id":2336581,"date":"2024-09-04T12:09:02","date_gmt":"2024-09-04T16:09:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-steel-says-it-could-leave-pittsburgh-if-nippon-steel-sale-falls-through-washington-examiner\/"},"modified":"2024-09-04T12:17:32","modified_gmt":"2024-09-04T16:17:32","slug":"us-steel-says-it-could-leave-pittsburgh-if-nippon-steel-sale-falls-through-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-steel-says-it-could-leave-pittsburgh-if-nippon-steel-sale-falls-through-washington-examiner\/","title":{"rendered":"US Steel says it could leave Pittsburgh if Nippon Steel sale falls through &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-steel-says-it-could-leave-pittsburgh-if-nippon-steel-sale-falls-through-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2336581&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The ongoing debate over the potential sale of U.S. Steel \u2062to \u2062Japanese firm Nippon Steel has generated significant political tension. Vice President Kamala Harris\u200d and President Joe Biden have\u200b publicly opposed\u200d the $14 billion acquisition, arguing that the steel company should remain entirely American-owned.\u200b Harris plans to emphasize \u2063this position during a campaign event in Pittsburgh, reflecting\u2062 broader concerns about the implications of\u200d foreign\u2062 ownership on U.S. jobs and \u200bindustry.<\/p>\n<p>U.S. \u200bSteel&#8217;s CEO, David\u200c Burritt, expresses a\u200c contrasting view,\u2064 stating that the deal is crucial for the company to maintain its operations and workforce in \u200bPittsburgh. He \u2062warned that without this investment, potential layoffs could occur. He noted that the deal \u200cincludes $3 billion allocated for upgrading aging steel mills, which is vital for\u2064 the company&#8217;s sustainability.<\/p>\n<p>Despite <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-slammed-for-fundraising-off-the-weaponization-of-justice-as-trump-arrested-in-georgia\/\" title=\"Biden criticized for exploiting justice for fundraising as Trump gets arrested in Georgia.\">political \u2063opposition<\/a>, President Biden and Harris have not indicated \u200cdefinitive \u2063plans to block the sale, leaving\u2063 the future of \u2063U.S. Steel and its employees\u200b in uncertain territory. The company&#8217;s\u200b past struggles with \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/baltimore-exhibit-explores-the-beautiful-and-deadly-world-of-majolica-pottery-2\/\" title=\"Baltimore Exhibit Explores The Beautiful And Deadly World Of Majolica Pottery\">high production costs<\/a> have compounded these challenges,\u2062 highlighting the need for significant capital investment to secure its manufacturing\u2064 base in the U.S.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">US Steel says it could leave Pittsburgh if Nippon Steel sale falls through<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1744931\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>U.S. <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/steel\/\" target=\"_blank\" rel=\"noopener\" title>Steel&rsquo;s<\/a> chief executive isn&rsquo;t on the same page as the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-viral-x-image-does-not-show-israeli-settlers-trying-to-tear-palestinian-child-apart\/\" title=\"FACT CHECK: Viral X Image Does Not Show Israeli Settlers Trying To Tear Palestinian Child Apart\">country&#038;rsquo<\/a>;s top politicians who are fighting against Japan buying out the historic company.<\/p>\n<div class=\"article-paywall\">\n<p>U.S. Steel CEO David Burritt said the $14 billion deal opposed by Vice President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/kamala-harris\/\" target=\"_blank\" rel=\"noopener\" title>Kamala Harris<\/a> and former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" target=\"_blank\" rel=\"noopener\" title>Donald Trump<\/a> is the only thing that could allow the company to keep its home base in Pittsburgh, <a href=\"https:\/\/www.wsj.com\/business\/u-s-steel-warns-of-plant-closings-if-sale-collapses-4ef45756\" target=\"_blank\" rel=\"noopener\" title>according to<\/a> the <em>Wall Street Journal<\/em>. <\/p>\n<p>&ldquo;We <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-bidens-performance-was-so-bad-people-started-to-wonder-if-he-hallucinated-audience-during-debate\/\" title=\"Watch: Biden&#039;s Performance Was So Bad, People Started to Wonder if He Hallucinated Audience During Debate\">wouldn&#038;rsquo<\/a>;t do that if the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/leaked-audio-shows-twitter-ceo-admitting-regrets-during-all-hands-meeting\/\" title=\"Leaked Audio Shows Twitter CEO Admitting Regrets During All-Hands Meeting\">deal falls<\/a> through,&rdquo; Burritt told the outlet. &ldquo;I don&rsquo;t have the money.&rdquo; <\/p>\n<p>While President Joe Biden and Harris have voiced their disapproval of the acquisition, they have fallen short of making plans to block the deal.<\/p>\n<p>The $14.1 billion deal earmarks $3 billion to invest in the older steel mills in Pittsburgh, but Burritt said the company wouldn&rsquo;t be able to make the much-needed upgrades nor maintain workers&rsquo; jobs without the money.&nbsp;<\/p>\n<p>With Nippon Steel as its parent company, U.S. Steel said it could delay laying off hourly workers through 2026.&nbsp;<\/p>\n<p>Between 2010 and 2020, U.S. Steel struggled with high steel production costs, which cut into the company&rsquo;s budget for equipment upgrades. When the company purchased a new steel mill in Arkansas in 2021, it canceled upgrades scheduled for&nbsp;a Mon Valley plant in Pennsylvania.<\/p>\n<p>U.S. Steel has since doubled its production capacity at its plant in Arkansas to 6 million tons of steel annually.<\/p>\n<p>The Arkansas mill, which produces steel from melting scrap, is less capital-intensive than making steel from melted iron ore. U.S. Steel makes most of its steel from melted ore but would switch to melting scrap if Nippon Steel doesn&rsquo;t acquire the company. Ultimately, this would lead U.S. Steel to close the Mon Valley plant &mdash; the last steelmaking operation in Pittsburgh &mdash; and move its headquarters down south to follow the rest of its operations.<\/p>\n<p>U.S. Steel said it supports 11,417 jobs in Pennsylvania and generates $138.2 million in state and local taxes annually.<\/p>\n<p>Burritt shared that one of the major selling points of U.S. Steel going with Nippon Steel instead of other companies is it would be able to maintain its headquarters in Pittsburgh.<\/p>\n<p><a href=\"http:\/\/washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title><strong><\/strong><\/a><\/p>\n<p>Regardless, the United Steelworkers union opposes the deal. The union wants Nippon Steel to commit to its planned investment.&nbsp;<\/p>\n<p>U.S. Steel shareholders approved Nippon Steel&rsquo;s offer of $55 a share in cash for the company&rsquo;s stock last spring.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1744931\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1744931\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Steel has indicated that it may relocate from Pittsburgh if the sale to Nippon Steel does not proceed. The company&#8217;s CEO, David Burritt, expressed that the $14 billion acquisition, which is facing opposition from Vice President Kamala Harris and former President Donald Trump, is crucial for U.S. Steel to maintain its headquarters in Pittsburgh. He stated, &#8220;We wouldn\u2019t do that if the deal falls through; I don\u2019t have the money.&#8221; Although President Biden and Harris have publicly opposed the acquisition, they have not taken steps to block it.<\/p>\n<p>The proposed deal includes a $3 billion investment aimed at upgrading older steel mills in Pittsburgh. Burritt emphasized that without this funding, U.S. Steel would struggle to make necessary improvements or preserve jobs for its workers. With Nippon Steel as its parent company, U.S. Steel could postpone layoffs of hourly employees until 2026.<\/p>\n<p>From 2010 to 2020, U.S. Steel faced challenges due to high production costs which hindered equipment upgrades; for instance, after acquiring a new mill in Arkansas in 2021, it canceled planned enhancements at a Pennsylvania plant. The Arkansas facility has since doubled its production capacity to six million tons annually and operates by melting scrap metal rather than iron ore\u2014a less capital-intensive process.<\/p>\n<p>If Nippon Steel does not complete the acquisition, U.S. Steel may shift towards melting scrap instead of ore and potentially close its Mon Valley plant\u2014the last steelmaking site in Pittsburgh\u2014relocating its headquarters further south along with other operations.<\/p>\n<p>U.S. Steel currently supports over 11,000 jobs in Pennsylvania and contributes approximately $138 million annually in state and local taxes. Burritt noted that one key reason for choosing Nippon Steel over other bidders was the potential retention of their Pittsburgh headquarters.<\/p>\n<p>However, the United Steelworkers union opposes this deal and seeks assurances from Nippon regarding their investment plans. Last spring, shareholders approved Nippon&#8217;s offer of $55 per share for U.S. Steel&#8217;s stock<\/p>\n","protected":false},"author":2542,"featured_media":2336582,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/Nippon-USS-Deal-scaled-1024x711.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[40074,4857,39699],"class_list":["post-2336581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-nippon-steel","tag-pittsburgh","tag-us-steel"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/Nippon-USS-Deal-scaled-1024x711.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2336581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2336581"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2336581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2336582"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2336581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2336581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2336581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}