Latest news with #DavidBurritt
Daily Mail
30-05-2025
- Business
- Daily Mail
BREAKING NEWS Trump DOUBLES tariffs on steel imports as he pledges to turn the Rust Belt into the 'Golden Belt' during Pittsburgh appearance
President Donald Trump announced he was doubling tariffs on steel imports during an appearance Friday afternoon in Pittsburgh to tout a steel deal between U.S. Steel and Japan 's Nippon. 'We are going to be imposing a 25 percent increase, we're going to bring it from 25 percent to 50 percent, the tariffs on steel into the United States of America,' the president said. Trump was appearing at the Irvin Works, a U.S. Steel plant outside the Pittsburgh city limits in West Mifflin, and was surrounded by orange-clad U.S. Steel workers when he shared the news. During his remarks he also vowed to turn America's Rust Belt into a 'Golden Belt' - covered by his proposed 'Golden Dome' missile defense system. And to further endear himself to the crowd, a trio of former and current members of the Pittsburgh Steelers christened Trump a 'Steeler' for the day, giving him a Trump 47 jersey onstage. Ahead of the president's arrival, U.S. Steel President David Burritt and Nippon's Takahiro Mori, executive vice president, appeared together onstage to tout the partnership. Both thanked Trump profusely. 'Because of him, U.S. Steel stays mined, melted and Made in America,' Burritt said. 'It's another golden age.' 'This moment is a new beginning and with the right leadership and the right partner we're ready to build something better and bigger,' Burritt added. Mori used a similar phrasing when it was his turn to speak. 'Because of President Trump, U.S. Steel will remain mined, melted and in America by Americans,' Mori said. John Bielich, 68, of Bethel Park is about to hit his 47th anniversary working for U.S. Steel or as a contractor. He said he was 'relieved' last week when he heard news of Trump backing the deal. 'Because this deal, when it was first proposed, was a great deal for United States Steel, its workers, the communities that these plants sit in,' Bielich told the Daily Mail. 'It will sustain United States Steel operations, specifically in Pittsburgh and the Mon Valley, for many, many years to come.' When Bielich first heard that it was a Japanese firm looking to acquire U.S. Steel he said he was skeptical. 'The heart sank a little bit, but then as I started to understand the value of the deal of what Nippon was going to bring to U.S. Steel, given the state of steel-making in this country, I accepted it as a great opportunity,' Bielich said. Chris J., a 22-year-old college grad who's moving back to the area, said he was attending Trump's speech Friday because his father worked in the industry. 'We'll see what President Trump has to say but at the end of the day it sounds like a lot of people are getting a lot of security they've been looking for,' he told the Daily Mail. 'But then also, for our city, from that standpoint, we're getting an influx of investment that we really haven't seen this magnitude of.' 'At the end of the day, people - from my understanding - are keeping their jobs and it's cool because this is my city, I'm coming back into it, and hopefully see one or more things that will be reaping the benefits of this,' he added. The site for Trump's speech was at an active facility, the Irvin Works, a U.S. Steel plant located outside the city limits, hugging the Monongahela River in West Mifflin, Pennsylvania. Even with hundreds of attendees - some in hard hats, other in MAGA hats and many in their bright orange U.S. Steel jackets - the set-up for the speech, took up less than a quarter of the aging warehouse.
Yahoo
23-04-2025
- Business
- Yahoo
Opinion - To restore manufacturing in America, Trump should approve the Nippon Steel deal
Amid economic turbulence rivaling the 2008 financial crisis and the COVID-19 pandemic, American industry is searching for renewal. One rare and promising opportunity lies in Nippon Steel's $14.9 billion bid to acquire U.S. Steel. More than a merger, this is a lifeline for a historic American company — and a strategic bet on the future of domestic manufacturing. If approved, it would turbocharge U.S. Steel's global competitiveness, secure thousands of high-paying union jobs, and reinforce America's industrial backbone. Yet political resistance has been threatening this transformative partnership. Since December 2023, Nippon Steel has presented a bold vision: to modernize U.S. Steel through a $7 billion investment — up from an initial $2.7 billion — including $1 billion for Pennsylvania's aging Mon Valley facilities. The investment would bring advanced technologies, improved efficiency, and the scale necessary to compete with international powerhouses like China's Baowu Steel. In a show of goodwill, Nippon has pledged to preserve U.S. Steel's Pittsburgh headquarters, honor union contracts, retain all workers, and pay $5,000 bonuses to employees upon deal completion. These are not just numbers; they represent urgent reinvestment in American infrastructure and workers at a moment when many industrial facilities risk obsolescence. As U.S. Steel CEO David Burritt has warned, without these upgrades, key plants may close and headquarters could relocate. Union workers like Jason Zugai, a trainer at U.S. Steel's Mon Valley plant, have been blunt about the stakes: 'Without these investments from Nippon, our facility won't last.' Despite this, the Biden administration blocked the deal in January 2025, citing national security concerns. Yet these concerns were unfounded. Japan is one of America's closest allies. Nippon Steel's vice chairman, Takahiro Mori, aptly noted the rejection was politically motivated, favoring a domestic bidder, Cleveland-Cliffs. CEO Lourenco Goncalves openly boasted about using 'magic' to sabotage the deal for his own gain. If successful, Cleveland-Cliffs would monopolize U.S. blast furnace steelmaking, electrical steel production and iron ore reserves, and command two-thirds of automotive steel output. That's not protectionism — it's consolidation at consumers' and workers' expense. History supports this fear: Cliffs closed plants, including one in West Virginia, and slashed jobs in Michigan and Minnesota just this year. Its record stands in stark contrast to Nippon's investment-driven strategy. Fortunately, President Trump revived the deal's prospects on April 7 by ordering a new review by the Committee on Foreign Investment in the U.S., set to conclude by June 5. A fair, fact-based review should confirm what market analysts already know: the deal poses no national security threat. On the contrary, it strengthens the U.S. By bringing advanced steelmaking technology to American shores, the deal ensures a resilient domestic supply chain vital to defense, infrastructure and energy independence. Trump himself acknowledged Nippon Steel's strength on April 10, calling it a 'big, powerful company' likely to 'do a good job.' Yet he also insisted U.S. Steel must remain 'American' — suggesting Nippon should simply build a new plant. For the sake of the domestic steel industry, the president should instead allow Nippon's full ownership. Constructing a greenfield facility would take years, cost billions more, and sidestep the very infrastructure and skilled labor force that make this deal viable. Crucially, Nippon's proprietary technology — the heart of its value proposition — is unlikely to be transferred in a minority stake or passive partnership. Full ownership is what unlocks transformation. Critics, including the United Steelworkers and allies of Cleveland-Cliffs, frame the deal as 'foreign ownership.' But this is a mischaracterization. Nippon's plan retains U.S. Steel's operational independence, American branding and workforce. It brings the best of both worlds: American roots with Japanese investment and innovation. The alternative — a weakened, underfunded U.S. Steel or a Cliffs monopoly — undermines both worker livelihoods and national interests. Investors understand what's at stake — U.S. Steel shares jumped 16.2 percent after Trump's review order; Nippon's stock climbed nearly 10 percent. But in the broader context of the U.S.-China rivalry, this deal is more than economic — it's geopolitical. Japan and the U.S. share a commitment to countering China's steel overproduction and global dumping practices. A strengthened U.S.-Japan steel alliance would fortify supply chains, reduce dependence on adversarial sources, and ensure American capacity to meet strategic needs. Trump has built his platform on reviving American manufacturing. Here is a rare chance to deliver — not with rhetoric or tariffs alone, but with capital, technology and jobs. Tariffs may offer temporary protection, but direct investments can modernize mills or invent next-generation alloys much quicker. Nippon is ready to provide it. As the review continues, the White House must resist political pressure and focus on facts. Approving this acquisition would be a legacy-defining decision: revitalizing an iconic American brand, securing thousands of union jobs, and cementing a global leadership role for U.S. Steel. Delaying or rejecting the deal would hand the advantage to foreign competitors, particularly China, and perpetuate industrial stagnation. Daniel Bob worked on U.S. foreign and economic policy toward the Indo-Pacific in senior positions in the U.S. Senate Foreign Relations and Finance Committees and the House Foreign Affairs Committee. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
23-04-2025
- Business
- The Hill
To restore manufacturing in America, Trump should approve the Nippon Steel deal
Amid economic turbulence rivaling the 2008 financial crisis and the COVID-19 pandemic, American industry is searching for renewal. One rare and promising opportunity lies in Nippon Steel's $14.9 billion bid to acquire U.S. Steel. More than a merger, this is a lifeline for a historic American company — and a strategic bet on the future of domestic manufacturing. If approved, it would turbocharge U.S. Steel's global competitiveness, secure thousands of high-paying union jobs, and reinforce America's industrial backbone. Yet political resistance has been threatening this transformative partnership. Since December 2023, Nippon Steel has presented a bold vision: to modernize U.S. Steel through a $7 billion investment — up from an initial $2.7 billion — including $1 billion for Pennsylvania's aging Mon Valley facilities. The investment would bring advanced technologies, improved efficiency, and the scale necessary to compete with international powerhouses like China's Baowu Steel. In a show of goodwill, Nippon has pledged to preserve U.S. Steel's Pittsburgh headquarters, honor union contracts, retain all workers, and pay $5,000 bonuses to employees upon deal completion. These are not just numbers; they represent urgent reinvestment in American infrastructure and workers at a moment when many industrial facilities risk obsolescence. As U.S. Steel CEO David Burritt has warned, without these upgrades, key plants may close and headquarters could relocate. Union workers like Jason Zugai, a trainer at U.S. Steel's Mon Valley plant, have been blunt about the stakes: 'Without these investments from Nippon, our facility won't last.' Despite this, the Biden administration blocked the deal in January 2025, citing national security concerns. Yet these concerns were unfounded. Japan is one of America's closest allies. Nippon Steel's vice chairman, Takahiro Mori, aptly noted the rejection was politically motivated, favoring a domestic bidder, Cleveland-Cliffs. CEO Lourenco Goncalves openly boasted about using 'magic' to sabotage the deal for his own gain. If successful, Cleveland-Cliffs would monopolize U.S. blast furnace steelmaking, electrical steel production and iron ore reserves, and command two-thirds of automotive steel output. That's not protectionism — it's consolidation at consumers' and workers' expense. History supports this fear: Cliffs closed plants, including one in West Virginia, and slashed jobs in Michigan and Minnesota just this year. Its record stands in stark contrast to Nippon's investment-driven strategy. Fortunately, President Trump revived the deal's prospects on April 7 by ordering a new review by the Committee on Foreign Investment in the U.S., set to conclude by June 5. A fair, fact-based review should confirm what market analysts already know: the deal poses no national security threat. On the contrary, it strengthens the U.S. By bringing advanced steelmaking technology to American shores, the deal ensures a resilient domestic supply chain vital to defense, infrastructure and energy independence. Trump himself acknowledged Nippon Steel's strength on April 10, calling it a 'big, powerful company' likely to 'do a good job.' Yet he also insisted U.S. Steel must remain 'American' — suggesting Nippon should simply build a new plant. For the sake of the domestic steel industry, the president should instead allow Nippon's full ownership. Constructing a greenfield facility would take years, cost billions more, and sidestep the very infrastructure and skilled labor force that make this deal viable. Crucially, Nippon's proprietary technology — the heart of its value proposition — is unlikely to be transferred in a minority stake or passive partnership. Full ownership is what unlocks transformation. Critics, including the United Steelworkers and allies of Cleveland-Cliffs, frame the deal as 'foreign ownership.' But this is a mischaracterization. Nippon's plan retains U.S. Steel's operational independence, American branding and workforce. It brings the best of both worlds: American roots with Japanese investment and innovation. The alternative — a weakened, underfunded U.S. Steel or a Cliffs monopoly — undermines both worker livelihoods and national interests. Investors understand what's at stake — U.S. Steel shares jumped 16.2 percent after Trump's review order; Nippon's stock climbed nearly 10 percent. But in the broader context of the U.S.-China rivalry, this deal is more than economic — it's geopolitical. Japan and the U.S. share a commitment to countering China's steel overproduction and global dumping practices. A strengthened U.S.-Japan steel alliance would fortify supply chains, reduce dependence on adversarial sources, and ensure American capacity to meet strategic needs. Trump has built his platform on reviving American manufacturing. Here is a rare chance to deliver — not with rhetoric or tariffs alone, but with capital, technology and jobs. Tariffs may offer temporary protection, but direct investments can modernize mills or invent next-generation alloys much quicker. Nippon is ready to provide it. As the review continues, the White House must resist political pressure and focus on facts. Approving this acquisition would be a legacy-defining decision: revitalizing an iconic American brand, securing thousands of union jobs, and cementing a global leadership role for U.S. Steel. Delaying or rejecting the deal would hand the advantage to foreign competitors, particularly China, and perpetuate industrial stagnation.
Associated Press
09-04-2025
- Business
- Associated Press
Ancora Announces Suspension of Campaign Following President Trump's Initiation of New CFIUS Review of U.S. Steel's Sale to Nippon Steel
Ancora Holdings Group, LLC (collectively with its affiliates, 'Ancora' or 'we'), a stockholder of United States Steel Corporation (NYSE: X) ('U.S. Steel' or the 'Company'), today announced that it is withdrawing its nomination of director candidates for election at the 2025 Annual Meeting of Stockholders (the 'Annual Meeting') due to apparent momentum related to the $55 per share sale to Nippon Steel Corporation ('Nippon'). 1 Recent reports indicate that the Company and Nippon may have succeeded in having productive conversations with the Trump Administration to address concerns and discuss significantly increased capital commitments. 2 Additionally, based on language included in Monday's Presidential Action, we suspect the companies have taken steps to try to mitigate national security considerations. 3 We imagine this is why labor leaders, policy experts and stockholders have recently suggested they expect the sale will be approved. Our decision to suspend our campaign also stems from U.S. Steel's embrace of entrenchment tactics. Once it became clear in February that there may still be a path to approval for the $55 per share sale to Nippon, Ancora began sending repeated requests to the Company to postpone the Annual Meeting to allow stockholders to have full information and make truly informed voting decisions. The Company demonstrated a disappointing disregard for sound governance by ignoring our pleas and, as recently as yesterday, continuing to attack us while reiterating the May 6 date. Keep in mind that May 6, 2025 comes just weeks before the new governmental review is expected to conclude. We can only assume U.S. Steel is taking this tact because it is increasingly confident about the transaction's approval. Please trust that Ancora always wants fellow stockholders and stakeholders to benefit from the best outcomes, which in this case is the seemingly probable closing of the $55 per share transaction. Stockholders will hopefully be able to rejoice over strong returns and that a consummated deal will end the era of broken relationships and destructive decisions during the tenures of David Burritt and his loyal directors. We consider Mr. Burritt, a non-operator who has been called out by federal lawmakers over a 'repulsive conflict of interest,' to be one of the worst leaders in Corporate America. 4 This is why Ancora launched this campaign in the first place when former President Biden issued the Executive Order blocking the deal, because we truly believed that U.S. Steel could return to greatness with proven and qualified leadership in place. Ancora wishes to conclude this stage of its campaign by thanking our fellow stockholders, the United Steelworkers and all other parties willing to engage with us in recent months. About Ancora Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit Greg Marose / Ashley Areopagita, 646-386-0091 [email protected] / [email protected] SOURCE: Ancora Holdings Group, LLC Copyright Business Wire 2025. PUB: 04/09/2025 07:10 AM/DISC: 04/09/2025 07:10 AM
Japan Times
09-04-2025
- Business
- Japan Times
U.S. Steel says activist investor now in favor of Nippon Steel deal
U.S. Steel said on Tuesday that activist investor Ancora Holdings, which previously attempted to undermine the planned merger with Japan's Nippon Steel, has "flip-flopped" and now claims to be in support of the transaction. In connection with the proposed deal, Ancora has recently unveiled a plan that could deliver a cash offer of $75 per share. However, the investor, which owns less than a 1% stake in the company, said that it has no intention of standing in the way of the $55 per share Nippon deal. Pittsburgh-based U.S. Steel called Ancora's "last-minute plan" inconsistent and said, "If Ancora now believes their plan would deliver $75+ per share, why are they suddenly also supporting a $55 per share cash deal with Nippon Steel?" Separately, Ancora on Monday called on U.S. Steel's board to delay its annual stockholders meeting until after June 18. Currently, the meeting is scheduled to take place on May 6. The move comes after U.S. President Donald Trump directed the Committee on Foreign Investment to conduct and finalize a new review of the transaction within 45 days. Ancora launched a boardroom challenge at U.S. Steel early this year and has nominated nine candidates to the company's board of directors, as it looks to oust company CEO David Burritt. U.S. Steel said in a statement on Tuesday that shareholders of the company should vote for all 10 director nominees standing for election and "discard any materials sent by Ancora." Ancora did not immediately respond to a Reuters request for comment late Tuesday.
