Latest news with #ArchieCarpenter
UPI
11 hours ago
- Business
- UPI
Japan's Nippon Steel finalizes purchase of U.S. Steel
On Wednesday, Japan-based Nippon Steel finalized its buyout of U.S. Steel (U.S. Steel logo seen May 30 at Edgar Thomas Plant near Braddock, Penn.) as it reverts to the newly-minted Nippon Steel North America. Photo by Archie Carpenter/UPI | License Photo June 18 (UPI) -- Japan-based Nippon Steel on Wednesday completed its buyout of U.S. Steel, changing its name to Nippon Steel North America, as the former U.S. industrial giant ended trading on Wall Street under its former iconic industrial brand. Last week, President Donald Trump officially signed off on the deal, paving the way for a finalized acquisition after the president for weeks spoke of a "partnership" between the two steel companies that would allow U.S. Steel to stay an American-owned business entity. However, the U.S.-based steel giant became a wholly owned subsidiary company of Nippon Steel North America on Wednesday after the New York Stock Exchange issued a notice to the U.S. Securities and Exchange Commission that U.S. Steel's listing would be removed. U.S. Steel ended trading in the morning hours as Nippon's massive American investment became final with a June 30 effective date for its NYSE delisting. Former President Joe Biden blocked the Nippon buyout in January prior to exiting the White House, citing national security as the U.S. government's primary concern over the acquisition. Trump originally opposed Nippon's takeover during the 2024 presidential election but flip-flopped upon taking office and in April ordered an official review of the deal. In May, Trump stirred confusion among investors and union leaders on the agreed-upon terms of the sale when he announced in a social media post a "planned partnership" between Nippon and U.S. Steel. Nippon Steel never balked from the initial December 2023 merger agreement terms in its SEC filing but did adopt Trump's style of language, insinuating a preconceived "partnership." Meanwhile, U.S. Steel will continue to operate under its name. Trump did, however, manage to compel both steel companies to sign a U.S. national security pact as a condition to his approval in clearing the transaction. According to the terms of the national security agreement, Nippon will invest $11 billion by 2028 in U.S. Steel, which includes an initial $1 billion for a Greenfield project post-2028. In addition, U.S. Steel's CEO and a majority of its board members must be American citizens with U.S. Steel to remain a U.S.-incorporated entity. Trump was given a "golden share" under the agreement that grants him veto power over a number of decision, such as U.S. Steel's name change or future exit from its Pittsburgh headquarters in Pennsylvania to outside of the United States. In addition, the White House will hold sway of the moving production of steels jobs, some authority in the closure of domestic plants, sourcing and other business-related acts.
UPI
16 hours ago
- Sport
- UPI
Oilers top Panthers as favorites for 2026 NHL Stanley Cup
Forward Connor McDavid's Edmonton Oilers are favored to win the Stanley Cup in 2026, according to several sportsbooks. File Photo by Archie Carpenter/UPI | License Photo June 18 (UPI) -- Less than 12 hours after losing to them in the 2025 Stanley Cup Final, oddsmakers at a majority of sportsbooks listed the Edmonton Oilers as favorites over the Florida Panthers in the 2026 NHL title series. The Oilers were listed as favorites or co-favorites Wednesday to win next year's title at four of six major gambling sites, including BetMGM, DraftKings, Hard Rock Bet and ESPN Bet. The Panthers, who beat the Oilers 5-1 in Game 6 on Tuesday to win their second consecutive Stanley Cup, were listed as favorites at Caesars and co-favorites at ESPN Bet. The Carolina Hurricanes are the favorites at FanDuel and co-favorites at Hard Rock Bet, along with the Oilers and Colorado Avalanche. The Dallas Stars, Vegas Golden Knights, Tampa Bay Lightning, New Jersey Devils, Los Angeles Kings and Toronto Maple Leafs are among other teams oddsmakers expect to contend for the title in 2025-26. With Tuesday's loss, the Oilers extended Canada's drought without a Stanley Cup winning team to 33 years. Major off-season decisions loom for the Panthers, who won the title series 4-2. Conn Smythe Trophy winner Sam Bennett, who scored a playoff-best 15 goals, is headed to free agency. Fellow forward Brad Marchand, who joined the team in a March trade and totaled 10 goals and 10 assists in the playoffs, also is to hit the market. Veteran defensemen Aaron Ekblad and Nate Schmidt are among the other Panthers headed to free agency. Marchand said "we'll see what happens," when asked if he could return to the Panthers during Tuesday's TNT broadcast of Game 6. Ekblad told reporters earlier this month that he hoped to stay with the Panthers "forever." But the two-time defending champions aren't the only hockey franchise undergoing roster turnover. Maple Leafs forwards Mitch Marner and John Tavares and Stars forwards Matt Duchene and Mikael Granlund are among other key players headed to free agency. The Panthers are expected to hold a Stanley Cup championship parade Sunday in Fort Lauderdale, Fla.
