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CBS News
6 hours ago
- Business
- CBS News
U.S. Steel says it will remain "American" in Nippon partnership. What that means is uncertain.
With the final details of the ownership structure for the not-yet-finalized partnership between U.S. Steel and Japan-based Nippon Steel still up in the air, it's an open question of whether the company will be "American" in a technical sense. Some local leaders disagree on how to define what exactly an "American" company is. President Trump, who said he has final say on a deal, first announced the partnership by saying U.S. Steel would remain in America, with U.S. Steel then coming out with a statement saying the company would remain "American." Mr. Trump said months ago that he would allow Nippon to invest in U.S. Steel, but he opposed a purchase. "America to me is owning the company, having ownership," said Cheryl Freedman, a Pleasant Hills Borough Council member. "I feel that being an American-owned company is important." She attended Mr. Trump's rally last Friday at U.S. Steel's Irvin Works in West Mifflin, which is not far from Pleasant Hills, and said she initially felt excited as she heard about the investments that were announced. She said she started to feel less comfortable once she started hearing words around her that she didn't expect after the rally. Specifically, she spoke with one individual whom she thought should know the details. "That person said 'purchase.' And I said, 'What do you mean purchase?' And, 'Well, we're not real sure yet. We don't have the details,'" she recalled their conversation going. To make her feel comfortable, she wants to hear what the ownership structure will be. She hopes Americans will own at least 51% of the company. West Mifflin Mayor Chris Kelly, who has been a vocal proponent of a deal with Nippon Steel, said that while he's unsure if the new U.S. Steel would be American in a technical sense, it doesn't have to be for it to be an American company. KDKA asked him to address the concerns people have about the yet-to-be announced or finalized ownership structure. "The mining is going to be done by Americans. The melting is going to be done by Americans. The manufacturing is going to be done by Americans," Kelly said. "Is that how you see what it means to be an American company?" KDKA asked Mayor Kelly. "Absolutely," he responded. He believes a deal with Nippon Steel will save thousands of jobs, along with the steelmaking legacy in Pittsburgh. "Let me make this easy," Kelly said. "It's going to be called U.S. Steel. That's one. It's going to be located in the city of Pittsburgh, headquarters. ... The guaranteed no layoffs, no plant closings and the furnaces are going to operate at capacity for 10 years. We win on that." The known details come from Pennsylvania U.S. Senator Dave McCormick and state Senator Kim Ward. They have said Americans would have a majority on the U.S. Steel board and what McCormick called a "golden share." "The golden shares is the oversight of the United States government," Kelly said. "They're going to be part of the decision-making as far as national security." The details from McCormick and Ward echo what Mr. Trump said at last week's rally. "Most importantly, U.S. Steel will continue to be controlled by the USA. Otherwise, I wouldn't have done the deal," Mr. Trump said. Freedman is, however, looking for more than control; she wants ownership. "I would like to see our companies, our American companies, remain owned by America," Freedman said. United Steelworkers International leadership has said it also wants more details, saying that partnering with Nippon is risky. Most steelworkers and Mon Valley leaders KDKA-TV has spoken with don't care what the ownership structure is; they just want whatever will preserve jobs.
CBS News
4 days ago
- Business
- CBS News
Mon Valley leaders optimistic about U.S. Steel's future following Trump rally
Mon Valley leaders are sharing optimism about the future of U.S. Steel after President Trump's rally at the Mon Valley Works Irvin Plant in West Mifflin. Mr. Trump celebrated what he calls a partnership between U.S. Steel and Japan-based Nippon on Friday, sharing details about commitments in the partnership and increased tariffs on imported steel. Mr. Trump also announced that his administration will be raising tariffs on imported steel from 25% to 50%. "What this tariff is going to mean for these jobs here in Pittsburgh, Gary, Indiana, and Minnesota, we're back, we're back, and we're back with a vengeance," said West Mifflin Mayor Chris Kelly. "These steel workers deserve this." He called the tariff announcement unexpected. "Tariffs being put on China will stop them from dumping steel at a lower cost, and it will be cheaper to buy American steel here," Kelly said. Combined with the Nippon partnership, Mr. Trump says the tariffs will help U.S. Steel. At the rally, he revealed the partnership will include a commitment to maintain blast furnaces at full capacity for a decade, there would be no layoffs, and $2.2 billion would be invested in the Mon Valley." "With the technology Nippon is bringing in, we will make [steel] faster, we'll make it better, we'll make it stronger," Kelly said. He spoke with Nippon and U.S. Steel executives after the rally, he said. "I asked specifically, Mr. Mori and Mr. Burrit: Are we good? Did we get everything we want? And the answer was yes, plus some," Kelly said. Nippon executives have been in his office countless times over the past year. He says Nippon will be a good partner for U.S. Steel. "Honor in Japan is their lifeline. Everything they do is about honor and commitment," Kelly said. "They're a soft-spoken group."
