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re: America is for sale: Japan buys US Steel
Posted on 12/18/23 at 1:17 pm to FlexDawg
Posted on 12/18/23 at 1:17 pm to FlexDawg
Steel is my line of work. If we are discussing high end stuff, items used in pressure vessels, corrosive and/or hot environments, US Steel is obsolete anyway.
The United States has been very far behind other nations for a long time in the steel industry. Up until recently, even the high quality steel domestically produced was foreign owned by ArcelorMittal. In 2020 AM US assets were acquired by Cleveland Cliffs. Nucor doesn’t have the capability of producing steel that meets many specifications of large O&G companies outside of just general carbon steel grades.
It’s unfortunate, but Nippon buying out US Steel will probably be a great thing for domestic capabilities.
Don’t shoot the messenger
The United States has been very far behind other nations for a long time in the steel industry. Up until recently, even the high quality steel domestically produced was foreign owned by ArcelorMittal. In 2020 AM US assets were acquired by Cleveland Cliffs. Nucor doesn’t have the capability of producing steel that meets many specifications of large O&G companies outside of just general carbon steel grades.
It’s unfortunate, but Nippon buying out US Steel will probably be a great thing for domestic capabilities.
Don’t shoot the messenger
2
Posted on 12/18/23 at 1:17 pm to FlexDawg
Everyone knows grorious nippon steer is superior to shitty gaijin steer. Nippon steer is froded over 5000 times. Nippon Katana is best weapron ever made.
Posted on 12/18/23 at 2:32 pm to CHGAR
quote:
American taxpayer footed the bill for this too.
IDK what the deal was with Japan. But I know we loaned the UK a lot of money to rebuild. What surprised me was not so much that the UK paid it back. But the last payment sent to us was about a year ago.
Posted on 12/18/23 at 2:57 pm to Zach
Still needs CFIUS approval, which includes a Presidential review at the end so Trump could have put the kibosh on it if he were in office.
Posted on 12/18/23 at 3:00 pm to Tandemjay
Why do the MAGA crazies crave economic isolationism? That was a failed policy 100 years ago and it surely sucks today
Posted on 12/18/23 at 4:52 pm to Kang of Memphissippi
quote:
It’s unfortunate, but Nippon buying out US Steel will probably be a great thing for domestic capabilities.
Mad respect. I'm not in steel but factory / power plant maintenance management across a few different industries.
The Japanese have always had more sound manufacturing execution than us. We rejected Deming and they took notes.
I'd say from an operational standpoint, having a no-nonsense Japanese culture take over almost any American one is going to improve performance. I'm not talking about all types of work, but focusing on anything involving heavy capital, manufacturing, etc.
It shouldn't be this way, but this is where we are. The MBA's / non technical fuccbois run things in American industrial companies and it shows.
This post was edited on 12/18/23 at 4:55 pm
Posted on 12/18/23 at 5:07 pm to teke184
"We were running molasses out of Canada during prohibition. Made a fortune. The trucks... owned by your father"
Posted on 12/18/23 at 5:16 pm to FlexDawg
We could learn a lot from Japan. They building super advanced cities...and we're setting up a crew that goes around picking up human shite off sidewalks.
Posted on 12/18/23 at 5:23 pm to Zach
quote:
Japanese steel production is superior to the U.S. It's because their plants were forced to modernize after we destroyed them all during WWII. America kept trying to fix very old plants and didn't do a very good job.
And Andrew Carnegie rolled over in his grave many times over this. He modernized steel making during the 1800's and was the father of efficiency. He understood efficiency as a way to gain market share during downturns. He could undercut his competition.
Posted on 12/18/23 at 5:39 pm to El Segundo Guy
The committee on foreign investment in the United States (CFIUS) can block any sale of asset deemed strategic to the defense of the United States. Its under the treasury but has a cross function group, sec of state, defense, commerce etc. Its a great idea, now lets see it in practice.
Remember when the missile guidance systems were sold to the chinese and advanced their capabilities by decades, that was approved under Clinton, and they say the chinese then funded his reelection.
Flash forward some years. Remember the US uranium company that was sold to canada (to one of clinton foundations biggest contributors) and immediately flipped to the russians. That was when hils was sec of state and she argued that one member of the committee could not make the decision...to her best friend....who contributed 10 of millions to her....
So like everything else, its good in concept, but in practice, its a small club and you and I arent in it.
Posted on 12/18/23 at 5:42 pm to FlexDawg
Posted on 12/18/23 at 5:42 pm to FlexDawg
Nippon Steel also bought the ultra modern plant in north Mobile county a few years ago.
Posted on 12/18/23 at 6:09 pm to beebefootballfan
quote:
Construction of BR2 is expected to be completed in 2024, and once complete will be the most advanced steelmaking facility in North America, featuring two EAFs, with a total three million tons per year of advanced steelmaking capability, a state-of-the-art endless casting and rolling line and advanced finishing capabilities. BR2 is expected to operate with up to 70-80% fewer greenhouse gas emissions compared to the traditional integrated steelmaking approach and directly support the Company’s sustainability commitments.
The above cost US Steel about 3 Billion.
They also opened a line this year that effectively makes them the leader in providing steel for transformer and car battery metals.
I live 20 min from Big River and its insane the amount of investment they've done over there. What started out as a small cold roll plant has turned into the world standard for steel production in just 5 years.
And this is what bit the ceo in the arse. He was using capital from the traditional mills to buy and improve brs. He thought he was gonna sell off all the dirty steel plants and keep his so called green steel plant and walk away.
Cliffs called his bluff and along came other buyers.
I work for us steel and I'm not complaining as I've made damn near 100k in profit sharing in the last two years and I damn near doubled my 401k today.
Posted on 12/18/23 at 6:15 pm to leeman101
quote:
And Andrew Carnegie rolled over in his grave many times over this. He modernized steel making during the 1800's and was the father of efficiency. He understood efficiency as a way to gain market share during downturns. He could undercut his competition
Nope that would be the Tennessee Iron and Coal Co of Birmingham Alabama.
First fully integrated steel mill in the world.
Listed on the original Dow industrial and it took Jp Morgan buying and carnegie and federal steel to be #1.
Us steel wasn't even on the Dow until taking over TCI and carnegie had nothing to do with US Steel.
Posted on 12/18/23 at 6:30 pm to Kang of Memphissippi
quote:
. If we are discussing high end stuff, items used in pressure vessels, corrosive and/or hot environments, US Steel is obsolete anyway.
It's not that they can't make it there's not enough volume to bother.
Us Steel stuck all there eggs in appliance, automotive and octg and are very competitive in all categories.
In other words it's not that can't make it they choose not too.
Posted on 12/18/23 at 6:58 pm to FlexDawg
quote:
The United Steelworkers(USW) today endorsed Joe Biden in the 2020 presidential race.
“Vice President Biden has long been a friend of workers and our union” said USW International President Thomas M. Conway.
You know Tommy Conway will be having a great Christmas and New Year, his fellow unionists not so much. Locally, Granite City, Illinois operates the only operational blast furnace in the US, all 1800 employees were laid off in October.
You vote for shite, you get shite.
Posted on 12/18/23 at 7:25 pm to Boomdaddy65201
quote:
You know Tommy Conway will be having a great Christmas and New Year, his
He's dead dumbass.
quote:
Locally, Granite City, Illinois operates the only operational blast furnace in the US
GARY works alone has 4 blast furnaces.
:rotflmao: Double fail..
This post was edited on 12/18/23 at 7:30 pm
Posted on 12/19/23 at 7:05 am to Browncd81
quote:
We rejected Deming and they took notes.
This and this. Heck most thought him a crackpot.
One summer at Auburn I could not get a job anywhere and my grandmother got me one at a company in her town. It was hammering "s-irons" in the ends of railroad ties. And lucky me because it was a temporary summer job I got an immediate opening on the "switch tie line". It was for longer ties, and the stacks to hammer were out in the weather, rain or shine, straddling the rail lines of a stack tie operator swinging them back and forth over your head while he smoked spliffs all day. The forklift guys you really had to look out for because crank was popular with them.
The rep for US steel had a rush order and that union puke stood over me with an umbrella in the pouring rain and pointed out to me which ties he wanted re-ironed.
They all referred to me as college boy. Every Friday I would sit and help a bunch of them figure out their timecards for them cause they didnt trust the company.
When I left the supervisor said "College boy you sure taught me a lesson, never thought you would last, you busted your arse like you had to work to eat". And I told him, naw you fellas taught me more than you will ever know.
I am a college boy from Auburn and I have a masters from Tulane, but a guarantee you I know more about running a sales and distribution company, from California to Virginia, Russia to London, Miami to South America. Thousands and thousands of hours sweating my arse on route trucks and warehouses, having accountants take me through their books, learning what was right or wrong about their businesses, all while my counterparts played golf, hit the strip clubs and went to superbowls.
Yeah I have an MBA but I learned more that summer with an MBWA (manage by walking around and observing) than I ever did in a classroom, and I assure you more than those on this site who disparage us college boys
This post was edited on 12/19/23 at 7:13 am
Posted on 12/19/23 at 7:24 am to FlexDawg
Maybe we’ll get some samurai swords out of this?
Posted on 12/19/23 at 8:34 am to Browncd81
quote:
The Japanese have always had more sound manufacturing execution than us. We rejected Deming and they took notes.
No. The Japanese were beating us back then because they had a homogeneous workforce willing to work for half the price of an American worker, and they would work 70 hours per week. Plus they didn't have unions demanding that a pipefitter couldn't plug in a welding machine.
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