Latest news with #R-Indiana
Chicago Tribune
25-05-2025
- Business
- Chicago Tribune
Trump indicates support for Nippon Steel's bid for U.S. Steel
Northwest Indiana leaders were cautiously optimistic about the future of U.S. Steel's Gary Works plant after President Donald Trump signaled Friday afternoon that he'll approve an investment by Japan-based Nippon Steel in the iconic American steelmaker. In his statement Friday, Trump said that 'after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh.' He referred a 'planned partnership' will add $14 billion to the U.S. economy, although it wasn't clear what the terms of the deal would be or who would control U.S. Steel under the arrangement. Neither company explained Friday how the partnership would be structured. Nippon Steel's nearly $15 billion bid to buy U.S. Steel was blocked by former President Joe Biden on his way out of office and, after Trump became president, subject to another national security review by the Committee on Foreign Investment in the United States. The results from the second CFIUS review haven't been released. Gary Mayor Eddie Melton, who has been supportive of the bid and hosted Nippon officials in Gary in December, said he's pleased by the news. 'This has been a long time coming,' Melton said in a statement. 'As mayor, I facilitated conversations with Nippon Steel and talks with mayors in steel making cities and towns from around the country. I spent months conducting due diligence and listening to the concerns of steelworkers, union leadership and members of the Congressional Black Caucus around the country. I stuck to my guns even when others opposed this deal because I knew it was good for our citizens. Melton thanked U.S. Sen. Todd Young, R-Indiana, for ensuring clear communication with the President on the value and impact of this deal for Gary. Young called the announcement 'a huge win for Hoosier workers and the American economy. I commend the President, Treasury Secretary Scott Bessent, and administration officials for carefully considering all aspects of this situation and conducting an impartial review, as I previously called for. This is a big day for American manufacturing,' in an emailed statement. Melton said Nippon has committed not only to maintain the current level of union jobs, but has also agreed to an increase in the number of well-paid steelmaking jobs in America. 'For communities like Gary who have suffered from decades of disinvestment, this is a historic moment. As we learn more details, we will continue to update the public and work with all stakeholders to ensure the best outcomes for our residents and steelmaking families.' Trump's statement was vague as to whether he is approving Nippon Steel's bid after he vowed repeatedly to block the deal to prevent U.S. Steel from being foreign-owned. More recently, Trump suggested that Nippon Steel would invest in U.S. Steel, not buy it, and one union official suggested Friday that the federal government will have a role in the company's management going forward. But investors seemed to take Trump's statement as a sign that he's approving some sort of merger, sharply pushing up U.S. Steel's shares. Shares of U.S. Steel jumped 21% on the news, and continued rising in aftermarket trading. Nippon Steel said the partnership is a 'game changer — for U.S. Steel and all of its stakeholders, including the American steel industry, and the broader American manufacturing base.' U.S. Steel said it 'will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years.' U.S. Rep. Frank Mrvan, D-Highland, has been skeptical of a merger due to concerns about national security and Nippon's commitment to union jobs. 'In the months since, as the Vice Chairman of the Congressional Steel Caucus, I've listened closely to the many voices raised across the political spectrum, including from the prior administration and the Trump Administration,' Mrvan said in a statement. 'It is clear that this unified front of concern and advocacy played a crucial role in shaping the terms, incentives, and safeguards now in place. 'Thanks to this persistent and bipartisan pressure, we are in a stronger, more secure position today than we were at the time of the initial announcement. But let me be clear: this is not the end of our oversight. Nippon Steel must be held to every promise made — from promises to the hardworking steelworkers of Northwest Indiana and the City of Gary, to the economic and strategic interests of the United States. We will not hesitate to act if those commitments are broken.' Japan's chief tariff negotiator Ryosei Akazawa told reporters Friday that he was closely watching the development. He said Nippon Steel has made a proposal that could win support from U.S. Steel and make a good investment for both Japan and the U.S. Josh Spoores, the Pennsylvania-based head of steel Americas analysis for commodity researcher CRU, said that, from what he's seeing, 'this 'partnership' is a green light for the acquisition.' U. S. Steel's board and stockholders approved Nippon Steel's bid last year. It has been opposed by the United Steelworkers union. The union had no immediate comment Friday. A union official who defied the United Steelworkers' leadership to support Nippon Steel's bid said Friday that the federal government could take on a major role in the deal. 'It's sounds like the deal's done,'' said Jason Zugai, vice president of the United Steelworkers union local at U.S. Steel's Irvin finishing plant near Pittsburgh. Zugai said he was 'relieved, happy and thankful.'' He hadn't seen anything on paper but, he said, his understanding was that Nippon 'will make all the profit'' and the federal government will have 'a golden chair'' that allows it to veto any plans to idle or shut down U.S. Steel plants. Keeping U.S. Steel's headquarters had always been part of Nippon Steel's bid to buy it. To sweeten the deal, Nippon Steel had offered up a $2.7 billion commitment to upgrade U.S. Steel's two blast furnaces and pledged that it wouldn't import steel slabs that would compete with the facilities. Nippon Steel also had pledged not to conduct layoffs or plant closings during the term of the existing labor agreement and to protect the best interests of U.S. Steel in trade matters. U.S. Steel's CEO David Burritt warned last September that blocking Nippon Steel's bid would mean U.S. Steel would 'largely pivot away' from investing in its two blast furnaces — one just outside Pittsburgh and one in Gary, Indiana — and it would raise 'serious questions' about remaining headquartered in Pittsburgh. As recently as December, Trump said he was 'totally against the once great and powerful U.S. Steel being bought by a foreign company.' Then in February, Trump suggested that Nippon Steel wouldn't buy U.S. Steel, as it had planned, but that it would instead invest in U.S. Steel. Last month, Trump ordered a new national security review of Nippon Steel's proposed bid.
Yahoo
23-05-2025
- Politics
- Yahoo
Shapiro has faith in Penn State following decision to close 7 Commonwealth Campuses
Governor Josh Shapiro visits A. Philip Randolph Career and Technical High School on May 23, 2025 in Philadelphia and met with students, teachers, and legislators for public K-12 education. (Commonwealh Media Services) Gov. Josh Shapiro said he has 'confidence in the leadership' at Penn State following a decision made by the university's board of trustees on Thursday to close seven of its 19 Commonwealth Campuses. 'They know they need to right-size. They know they need to plan for the long term future, and to do that, they needed to make these tough choices,' Shapiro said. 'And I have faith in (Penn State President) Neeli Bendapudi and her administration and the board who made those decisions.' Penn State DuBois, Fayette, Mont Alto, New Kensington, Shenango, Wilkes-Barre and York are slated to close following the spring 2027 semester after a 'two-year wind-down period.' WPSU described the 25-8 vote by Penn State's board of trustees on Thursday night to close those campuses as 'contentious,' adding that leadership argued the move was necessary for future success for the university. Bendapudi said that enrollment dropped 43% over the past 10 years at the campuses that are slated to close. However, critics of the decision say they believe the decision was 'rushed and lacking community input.' 'I know that when a school like Penn State, a satellite campus leaves a community, that can leave a big hole, and so my administration is committed to working with Penn State and those affected communities to make sure they are taken care of going forward,' Shapiro said. SUPPORT: YOU MAKE OUR WORK POSSIBLE State Sen. Wayne Langerholc and state Rep. Michael Armanini, both Republicans, represent districts that include Penn State DuBois. They issued a statement critical of the plan to close the campus. 'I am deeply dismayed that all of the advocacy and education of the significant benefit of Penn State DuBois have fallen on deaf ears,' said Langerholc. 'For multiple years, this institution embraced the mantra and model of Penn State and produced students who contribute to the local workforce, drive economic activity, and make our region and commonwealth stronger.' 'Today that relationship was broken,' he added. 'I am committed to working with my colleagues in the House to identify an entity that appreciates our rural area and will take the broken baton to repair and strengthen our community.' Armanini described the school as a 'hub of manufacturing businesses which include the carbon, and graphite industries.' 'Not only does this decision impact the students of Penn State DuBois, it impacts our communities,' Armani said. 'The campus provides jobs to residents of DuBois and the surrounding community, income for local businesses who rely on the student body and faculty, and the local industry which benefits from the research of the school and has a talented pool of students to employ after graduation.' Senate Majority Leader Joe Pittman (R-Indiana) also represents a district that includes one of the satellite campuses, Penn State New Kensington. He offered a different point of view from his GOP colleagues. 'The harsh reality is that higher education in general throughout Pennsylvania is greatly oversubscribed. We have too much physical plant in higher education to support the declining demographics that we are faced with, and there has also been a significant increase in the variety of job opportunities available that don't necessarily comport with the deliverables of higher education in this state,' Pittman said. 'Rightsizing is a necessary step that must happen across higher education. However, the process from a transparency perspective and the lack of messaging on what these campuses can be used for going forward has been far from ideal.' Pittman said that he does not favor losing the campus in his district, but argued the 'big picture view' of the issue was that change is needed in higher education and that conversations will be needed to ensure that 'the launch box and digital foundry they have supported continue, and we figure out a path to make the property even more productive than it is now.' 'Ultimately, Penn State will have an obligation to make sure the campuses are all repurposed and brought to a higher and better use in the communities where they reside,' he said. 'This is a responsibility the university bears, and their efforts must be supported by the state. We cannot allow closed satellite campuses to become blighted properties. The facilities must be repurposed in a thoughtful way.' The university's plan will need approval from the state Department of Education. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
20-05-2025
- Business
- Yahoo
President Trump says Indiana will have role in 'Golden Dome' missile defense project
Indiana defense organizations are expected to play a role in building President Donald Trump's multibillion-dollar missile defense shield dubbed the "Golden Dome." The project stems from an executive order Trump signed in January directing construction of a defense shield similar to Israel's "Iron Dome." The defense system would protect the U.S. from ballistic, hypersonic and advanced cruise missiles along with "other next-generation aerial attacks." During an Oval Office announcement on May 20, Trump and U.S. Sen. Jim Banks, R-Indiana, said Indiana would be involved in building the Golden Dome. Banks, during remarks, specifically named defense contractor L3Harris, which has a space manufacturing site in Fort Wayne, and the Crane naval base in southern Indiana, which helps research and develop war technologies. "Indiana is going to help you make it," Banks told Trump about the Hoosier State's role with the Golden Dome. "The space satellites that are made in Fort Wayne, Indiana, by L3Harris, all the work done at Crane Navy base in southern Indiana, is going to be a big part of it. And Hoosiers are very proud of that." Trump responded, saying that Indiana's input in the project would be "a big factor." Banks, a strong Trump supporter, was one of three Republican senators in the Oval Office for the announcement. IndyStar reached out to L3Harris and Crane about their involvement in the Golden Dome project but did not immediately receive a response. No Trump at the Indy 500: Despite Roger Penske's invitation. What we know About $25 billion for the Golden Dome is set aside in Trump's budget, which is working its way through Congress. Trump said the total cost of the project would be $175 billion and would be completed by the end of his term in 2029. But an estimate from the Congressional Budget Office puts the high end of the cost for such a project at more than $500 billion over 20 years. Contact IndyStar state government and politics reporter Brittany Carloni at Follow her on Twitter/X @CarloniBrittany. Sign up for our free weekly politics newsletter, Checks & Balances, curated by IndyStar politics and government reporters. This article originally appeared on Indianapolis Star: Trump says Indiana to have role building 'Golden Dome' missile shield
Indianapolis Star
20-05-2025
- Business
- Indianapolis Star
President Trump says Indiana will have role in 'Golden Dome' missile defense project
Indiana defense organizations are expected to play a role in building President Donald Trump's multibillion-dollar missile defense shield dubbed the "Golden Dome." The project stems from an executive order Trump signed in January directing construction of a defense shield similar to Israel's "Iron Dome." The defense system would protect the U.S. from ballistic, hypersonic and advanced cruise missiles along with "other next-generation aerial attacks." During an Oval Office announcement on May 20, Trump and U.S. Sen. Jim Banks, R-Indiana, said Indiana would be involved in building the Golden Dome. Banks, during remarks, specifically named defense contractor L3Harris, which has a space manufacturing site in Fort Wayne, and the Crane naval base in southern Indiana, which helps research and develop war technologies. "Indiana is going to help you make it," Banks told Trump about the Hoosier State's role with the Golden Dome. "The space satellites that are made in Fort Wayne, Indiana, by L3Harris, all the work done at Crane Navy base in southern Indiana, is going to be a big part of it. And Hoosiers are very proud of that." Trump responded, saying that Indiana's input in the project would be "a big factor." Banks, a strong Trump supporter, was one of three Republican senators in the Oval Office for the announcement. IndyStar reached out to L3Harris and Crane about their involvement in the Golden Dome project but did not immediately receive a response. No Trump at the Indy 500: Despite Roger Penske's invitation. What we know About $25 billion for the Golden Dome is set aside in Trump's budget, which is working its way through Congress. Trump said the total cost of the project would be $175 billion and would be completed by the end of his term in 2029. But an estimate from the Congressional Budget Office puts the high end of the cost for such a project at more than $500 billion over 20 years. Contact IndyStar state government and politics reporter Brittany Carloni at Follow her on Twitter/X @CarloniBrittany.
Yahoo
07-05-2025
- Business
- Yahoo
Indiana congressmen pen letter for continued funding for Hydrogen Hub
As the Energy Department considers shutting down big energy projects, two Northwest Indiana congressmen are defending the continuation of the regional Hydrogen Hub. U.S. Rep. Frank Mrvan, D-Highland, and U.S. Senator Jim Banks, R-Indiana, wrote a letter to Energy Secretary Chris Wright to urge the Trump administration to prioritize Northwest Indiana as a regional Hydrogen Hub. 'Prioritizing a Hydrogen Hub in Northwest Indiana is a bold, pro-American decision that plays to our state's strengths. Indiana offers the Hoosier workforce, infrastructure and industrial knowledge to deliver results fast,' the congressmen wrote in the letter. Energy Department officials are considering cutting funding for the development of four hydrogen production hubs in mostly Democratic-leaning states and maintaining funding for three hubs in mostly red states, according to a March Politico article. Congress and the Biden administration allocated the funding for the seven projects, so cutting the funding would politicize federal funds, according to the Politico article. The bp Whiting Refinery could be used for blue hydrogen production, which is created from clean natural gas using carbon capture technology. Blue hydrogen uses existing infrastructure and could provide 'a scalable energy source capable of meeting immediate energy demands,' according to the letter. A bp spokesman declined to comment. The Whiting Refinery can process up to 440,000 barrels of crude oil per day, according to the letter. Continuing the project 'will ensure that our energy and steel industries remain well positioned for success into the next century,' according to the letter. 'Investing in blue hydrogen production at this facility will bolster existing supply chains and will best position the United States for energy dominance,' the congressmen wrote. 'We believe the success of the hydrogen energy project will support the administration's stated goal to restore our critical industries and strengthen our manufacturing base.' The congressmen asked the Trump Administration to make the Hydrogen Hub a priority. 'Indiana is ready to lead the way in blue hydrogen innovation, strengthening American manufacturing, boosting our domestic energy supply and lowering costs by maximizing the potential of our abundant and reliable fossil fuel resources,' they wrote. Randy Palmateer, business manager for the Northwestern Indiana Building and Construction Trades Council, said the letter gave him 'renewed confidence that this project is going to happen.' 'My members know how important this is for our national, regional and state economy, and our representatives know that too,' Palmateer said. 'It would be a shame to see this project go away, (but) at least there's a light at the end of the tunnel as of now with the bipartisanship I'm seeing. I commend both of them.' Just Transition Northwest Indiana, a regional advocacy organization, has long opposed the Hydrogen Hub deal. In a statement Tuesday, the organization called the hub a 'false solution' as it creates blue hydrogen, which is produced with fossil gas using carbon capture and storage. Pursuing MachH2 funding illustrates a lack of foresight, according to JTNWI, saying the number of jobs will likely be 'negligible,' and crucial provisions for emergency preparedness, electric vehicles and community communication plans are lacking. 'It is a scam that creates the illusion of achieving climate action goals, when in fact, it only serves the fossil fuel industry to further the status quo,' the statement said. 'Rather than pursuing wasteful (carbon dioxide) pipelines and a blue hydrogen hub, Indiana must transition toward a renewable energy economy that future-proofs family-sustaining, union jobs and safeguard community health.' A spokesperson from MachH2 did not immediately respond to a request for comment Tuesday. The project, according to Post-Tribune archives, will result in the avoidance of more than 3.9 million metric tons of carbon dioxide equivalent each year. 'We realize mutual success requires building relationships and accountability with community, labor, tribal and other stakeholder groups across project areas,' a previous statement from MachH2 said. 'Since application submission, MachH2 continues to focus on comprehensive social characterization assessments and identifying all relevant stakeholders across our potential project locations. … We are also developing hub-wide accountability mechanisms and processes, to ensure that each of our projects include all relevant and diverse stakeholders in their decision-making.' akukulka@ mwilkins@
