US Steel, Nippon Steel finalize ‘historic partnership'
President Trump lauded the acquisition as a partnership in which the U.S. would maintain a 'golden share' of profits with expanded investments in Pennsylvania, Indiana, Arkansas, Minnesota and Alabama.
'U. S. Steel will remain rooted in the United States and continue to call Pittsburgh home. Through our partnership with Nippon Steel, we are poised to grow better and bigger, with transformative investment, cutting-edge technology, and the creation of good-paying jobs across the United States,' U. S. Steel's CEO Dave Burritt said in a statement.
Trump and former President Biden both spoke out against the merger on the 2024 campaign trail citing concerns for national security and global competition.
Months after returning to the Oval, Trump approved the acquisition, ensuring it would spur job growth and boost U.S. manufacturing.
The $15 million buyout was solidified under a National Security Agreement drafted by Trump. The provisions ensure that a sitting president or his designee will have consent rights over the transfer of production or jobs outside of the U.S., changing the company's name or headquarters and material acquisitions of competing businesses in the country.
While the White House has lauded the deal, labor unions have shown fear that attention to work conditions and the broader objective of company operations will die down following the announcement of the merger.
'As the sale concludes, it seems likely that attention will dissipate. U.S. Steel's PR machine will power down, and the majority of elected officials will turn their attention elsewhere. However, our union will remain. We will continue watching, holding Nippon to its commitments,' United Steelworkers International President David McCall said in a statement.
'And we will use the most powerful tool workers have against global corporations: collective bargaining. Our current agreement expires in September 2026, and rest assured, if our job security, pensions, retiree health care or other hard-earned benefits are threatened, we are ready to respond with the full strength and solidarity of our membership.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
21 minutes ago
- Yahoo
Dollar braces for busy week of geopolitics and Fed speak
By Rae Wee SINGAPORE (Reuters) -The dollar dithered on Monday ahead of a key meeting between U.S. President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskiy, while investors also looked ahead to the Federal Reserve's Jackson Hole symposium for more policy clues. Currency moves were largely subdued in the early Asia session, though the dollar steadied after last week's fall as traders further pared back bets of a jumbo Fed cut next month. The euro was little changed at $1.1705, while sterling edged up 0.07% to $1.3557. Against a basket of currencies, the dollar advanced slightly to 97.85, after losing 0.4% last week. Markets are now pricing in an 84% chance the Fed would ease rates by a quarter point next month, down from 98% last week, after a raft of data including a jump in U.S. wholesale prices last month and a solid increase in July's retail sales figures dimmed the prospect of an oversized 50-basis-point cut. "While the data don't all point in the same direction, the U.S. economy looks to be in okay shape in the third quarter," said Bill Adams, chief economist at Comerica Bank. "The Fed is likely to cut interest rates by year-end, either in September, when markets now price in a cut, or a few months later, when Comerica forecasts a cut." The main event for investors on Monday is a meeting between Trump and Zelenskiy, who will be joined by some European leaders, as Washington presses Ukraine to accept a quick peace deal to end Europe's deadliest war in 80 years. Trump is leaning on Zelenskiy to strike an agreement after he met Kremlin chief Vladimir Putin in Alaska and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first. Also key for markets this week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Fed Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. "I think (Powell) will also talk about the current economic conditions in the U.S., and that will be more policy relevant, that will be more interesting to markets," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. "Given market pricing is very high for a rate cut in September, I think the risk is that Powell is hawkish, or is perceived to be hawkish, if he gives a balanced view of the U.S. economy." In other currencies, the dollar rose 0.11% against the yen to 147.34, after falling roughly 0.4% last week. Japan's government on Friday brushed aside rare and explicit comments from U.S. Treasury Secretary Scott Bessent who said the Bank of Japan was "behind the curve" on policy, which appeared to be aimed at pressuring the country's central bank into raising interest rates. The Australian dollar was up 0.1% at $0.65145, while the New Zealand dollar rose 0.15% to $0.5934, after falling 0.5% last week.
Yahoo
21 minutes ago
- Yahoo
Newsom demands information from Trump after Border Patrol appearance outside his news conference
Gov. Gavin Newsom filed a request Sunday seeking records from the Trump administration to explain why a phalanx of Border Patrol agents showed up outside a news conference held by leading California Democrats last week. Newsom filed a Freedom of Information Act request with the U.S. Department of Homeland Security asking for "all documents and records" related to the Aug. 14 Border Patrol operation in downtown Los Angeles, which took place outside the Japanese American National Museum in Little Tokyo. At the news conference, Newsom announced a campaign to seek voter approval to redraw California's congressional maps to boost Democrats' chances of retaking the House and stymieing Trump's agenda in the 2026 midterm elections. "Trump's use of the military and federal law enforcement to try to intimidate his political opponents is yet another dangerous step towards authoritarianism," Newsom posted Sunday on X. "This is an attempt to advance a playbook from the despots he admires in Russia and North Korea." Newsom announced at the press event the 'Election Rigging Response Act" — which would scrap independently drawn congressional maps in favor of those sketched by Democratic strategists in an attempt to counter moves by Republicans in Texas and other GOP-led states to gerrymander their own districts to favor Republicans in the 2026 midterms. Meanwhile, dozens of armed federal agents massed in the adjacent streets wearing masks, helmets and camouflage. Newsom and other leading Democrats, including L.A. Mayor Karen Bass, dismissed the Border Patrol action as an intimidation tactic. In response to questions from The Times on Sunday, Department of Homeland Security spokeswoman Tricia McLaughlin said the agents were "focused on enforcing the law, not on [Newsom]." McLaughlin said two people were arrested during the Little Tokyo operation. One was a drug trafficker, according to McLaughlin, who said the other was a member of Tren de Aragua, a Venezuelan gang that has been a focus of the Trump administration's efforts to use the Alien Enemies Act to speed up deportation efforts. She did not respond to questions about how many agents were deployed or what specific agencies were involved in the Aug. 14 operation. Border Patrol Sector Chief Gregory Bovino, who has been leading the Trump administration's aggressive immigration operations in California, was at the scene and briefly spoke to reporters. McLaughlin did not name either person arrested or respond to a request for further information or evidence of links between the arrests and the Venezuelan gang. "Under President Trump and [Department of Homeland Security] Secretary [Kristi] Noem, if you break the law, you will face the consequences," she wrote in an e-mailed statement. "Criminal illegal aliens are not welcome in the U.S.' On Thursday, witnesses at the scene identified one of the men arrested as Angel, a delivery worker who was carrying strawberries when he was captured. 'He was just doing his normal delivery to the courthouse,' said the man's colleague, Carlos Franco. 'It's pretty sad, because I've got to go to work tomorrow, and Angel isn't going to be there.' In the FOIA request, Newsom's legal affairs secretary, David Sapp, called the Border Patrol deployment an "attempt to intimidate the people of California from defending a fair electoral process." In addition to documents related to the planning of the raid, the FOIA request also seeks "any records referencing Governor Newsom or the rally that was scheduled to occur" and communications between federal law enforcement officials and Fox News, which allowed the Trump-friendly media outlet to embed a reporter with Border Patrol that day. Trump's increased use of the military and federal law enforcement against his political rivals has drawn growing concern in recent months. The president deployed the National Guard and U.S. Marines to quell protests against immigration raids in Los Angeles earlier this year. Just last week, Trump sent swarms of federal law enforcement officials to Washington, D.C., to combat what he sees as out-of-control crime, despite the fact that most crime statistics show violence in the nation's capital is at a 30-year low. Although Newsom demanded an answer by early September, the federal government is notoriously slow in responding to FOIA requests and will often delay responses for years. A spokesman for Newsom did not immediately respond to questions on Sunday about what, if any, other legal steps the governor was prepared to take. Voters would have to approve Newsom's plan to redraw the congressional maps in a special election in November. The new maps, drawn by Democratic strategists and lawmakers behind closed doors instead of the independent commission that voters previously chose, would concentrate Republican voters in a few deep-red pockets of the state and eliminate an Inland Empire district long held by the GOP. In total, Democrats would likely pick up five seats in California in the midterms under the redrawn maps, possibly countering or outpacing Republican efforts to tilt their map red in Texas. Other states have already begun to consider redrawing their maps along more partisan lines in response to growing anxieties over the fight to control the House of Representatives in 2026. Times staff writer Seema Mehta contributed to this report. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times. Solve the daily Crossword
Wall Street Journal
23 minutes ago
- Wall Street Journal
Strong Crop of Earnings Eases Investors' Economic Concerns
The job market is cooling. Tariff rates are rising. But American companies still seem to be doing just fine. With the latest earnings season nearly done, top- and bottom-line results from companies in the S&P 500 are handily beating expectations that had been lowered after President Trump announced sweeping duties on imports in April. Profits are expected to have risen around 12% in the second quarter from a year earlier, according to FactSet, far ahead of the 5% growth analysts predicted in early July.
