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Started By
Message
I think this nippon steel controversy is ridiculous. What happened to freedom?
Posted on 1/3/25 at 9:45 am
Posted on 1/3/25 at 9:45 am
To make the claim that Japan is a national security threat is absurd.
The actual workers wanted this purchase. Biden (and trump frankly) are actively telling these workers “I know better how to run your life than you do”
The actual workers wanted this purchase. Biden (and trump frankly) are actively telling these workers “I know better how to run your life than you do”
9
Posted on 1/3/25 at 9:48 am to HailHailtoMichigan!
It’s not like Japan ever launched a surprise attack against the entire Pacific Fleet of the US Navy or anything!
frick Japan you pussy!
frick Japan you pussy!
Posted on 1/3/25 at 9:49 am to HailHailtoMichigan!
America first, bro. Not Japan.
Posted on 1/3/25 at 9:49 am to BamaScoop
quote:
ever launched a surprise attack against the entire Pacific Fleet of the US Navy or anything! frick Japan you pussy!
Wasn’t a surprise. We knew it was coming.
Posted on 1/3/25 at 9:52 am to HailHailtoMichigan!
Not that I agree with it, but I wouldn't want to have the possibility in the future of our steel interest moving to a stones throw from China. You are ignorant of the longstanding annimosity between Japan and China, and you should not hestitate to believe that given the opportunity, China would invade Japan in the blink of an eye.
Not to mention 2.7 billion in investments does not represent some huge investment for the steel industry. It is chump change. They would waste that in a second to make magnitudes times that in future investment opportunities. That is a bribe.
Not to mention 2.7 billion in investments does not represent some huge investment for the steel industry. It is chump change. They would waste that in a second to make magnitudes times that in future investment opportunities. That is a bribe.
Posted on 1/3/25 at 9:53 am to HailHailtoMichigan!
quote:
HailHailtoMichigan!
Posted on 1/3/25 at 10:00 am to HailHailtoMichigan!
Put me down for Team Japan
Have there been any American companies willing to buy it to come forward?
Have there been any American companies willing to buy it to come forward?
Posted on 1/3/25 at 10:01 am to HailHailtoMichigan!
I started to write out all the reasons why a transaction like this should be blocked…then I decided to list the most obvious reason:
1) The OP supports it.
Never mind the dozens of other sound reasons.
1) The OP supports it.
Never mind the dozens of other sound reasons.
Posted on 1/3/25 at 10:03 am to HailHailtoMichigan!
I like how Japan is implementing their nationalists policies.
With that said, steel and aluminum are national security issues. I want battleships, aircraft carriers, submarines, etc. to be manufactured with American steel that can be ensured to meet American quality. Not saying Nippon cannot achieve those qualities....they can. But if we ever get into a conflict with Japan we need to be ensured that America has industrial capacity to meet national security needs.
Same goes for aluminum and aircraft for national security reasons.
With that said, steel and aluminum are national security issues. I want battleships, aircraft carriers, submarines, etc. to be manufactured with American steel that can be ensured to meet American quality. Not saying Nippon cannot achieve those qualities....they can. But if we ever get into a conflict with Japan we need to be ensured that America has industrial capacity to meet national security needs.
Same goes for aluminum and aircraft for national security reasons.
Posted on 1/3/25 at 10:16 am to SlowFlowPro
quote:
America first, bro. Not China.
quote:
China bans exports to USA companies involved with our Military Industrial Complex.
quote:
New details emerged Wednesday about how a Chinese spy managed to stay by Senator Dianne Feinstein's side for nearly 20 years.
quote:
It should be noted that the incidents of Chinese espionage far outnumber those by any other country, even Russia. The long-term cost to the American economy and national security cannot be precisely measured, but estimates run into the billions of dollars for commercial and technological espionage. Chinese espionage also created immeasurable damage to national security with the theft of weapons technology, including nuclear weapons test data. In the last few years, China has added the theft of massive quantities of personal information (PII), political coercion, and influence operations, to its espionage activities.
CSIS survey of last 20 years of spying (public records only)
Posted on 1/3/25 at 10:18 am to Bobby OG Johnson
quote:
Have there been any American companies willing to buy it to come forward?
American buyers would rather it shut down first, so they can buy it cheaper.
Posted on 1/3/25 at 10:19 am to goatmilker
Do you not know the difference in China and Japan?
Posted on 1/3/25 at 10:20 am to auggie
quote:
American buyers would rather it shut down first, so they can buy it cheaper.
Then fire everyone collect all their benefits then resell it like many have done?
Posted on 1/3/25 at 10:24 am to SlowFlowPro
quote:
Do you not know the difference in China and Japan?
Sure. One is our #1 enemy on the planet and one is not.
Posted on 1/3/25 at 10:28 am to Bobby OG Johnson
quote:
Then fire everyone collect all their benefits then resell it like many have done?
I don't know what would happen with a heavily unionized company like U.S. Steel.
I do know that it would be cheaper to buy after it shut down for a while and would make it possible to renegotiate labor contracts that will be more favorable to the new owners.
It seems to me, that the employees acquiring ownership somehow, would be the best outcome.
This post was edited on 1/3/25 at 10:38 am
Posted on 1/3/25 at 11:41 am to HailHailtoMichigan!
I think there are several factors that should be looked at that may not previously have been mentioned.
US Steel has roughly 22k US workers. Nippon promised not to cut US Jobs for only a 10 year period. After that, US workers will lose their jobs.
As for the US based companies that have tried to buy, Cleveland-Cliffs offered 8.3 billion that was supported by the union and rejected by US steel. Nippon offered almost double the money at 15 billion. Now we need to find out who stands to gain the most money by selling at a higher price at the expense of the US worker.
US steel CEO David Burritt owns 27 million worth of US steel shares. US steel is at 30$ a share with the Nippon offering 55$ per share.
Burritt was responsible for the staging of a workers rally in support of a Nippon buyout.
Let’s continue to look at the shareholders “unanimous” support for the Nippon buyout. We simply need to keep following the money.
Largest shareholders in US Steel and their percentage of ownership.
1. Blackrock Inc- 11%
2. Vanguard- 9%
3. Pentwater Capital- 9%
4. State Street Corp- 4%
5. Dimensional Fund- 4%
The rest of the list are mostly investment managements companies. I believe this is a prime example of the greed that has caused the degradation of American manufacturing and the loss of American jobs. I could be wrong and feel free to fact check the hell out of me.
US Steel has roughly 22k US workers. Nippon promised not to cut US Jobs for only a 10 year period. After that, US workers will lose their jobs.
As for the US based companies that have tried to buy, Cleveland-Cliffs offered 8.3 billion that was supported by the union and rejected by US steel. Nippon offered almost double the money at 15 billion. Now we need to find out who stands to gain the most money by selling at a higher price at the expense of the US worker.
US steel CEO David Burritt owns 27 million worth of US steel shares. US steel is at 30$ a share with the Nippon offering 55$ per share.
Burritt was responsible for the staging of a workers rally in support of a Nippon buyout.
Let’s continue to look at the shareholders “unanimous” support for the Nippon buyout. We simply need to keep following the money.
Largest shareholders in US Steel and their percentage of ownership.
1. Blackrock Inc- 11%
2. Vanguard- 9%
3. Pentwater Capital- 9%
4. State Street Corp- 4%
5. Dimensional Fund- 4%
The rest of the list are mostly investment managements companies. I believe this is a prime example of the greed that has caused the degradation of American manufacturing and the loss of American jobs. I could be wrong and feel free to fact check the hell out of me.
Posted on 1/3/25 at 11:56 am to Craftsman17
quote:That's going to happen anyway.
US Steel has roughly 22k US workers. Nippon promised not to cut US Jobs for only a 10 year period. After that, US workers will lose their jobs.
quote:Exactly. Those owners should just lose their money for the good of the country. Bernie and Liz "your wompum is my wompum" Warren agree. How dare they seek a ROI.
I believe this is a prime example of the greed that has caused the degradation of American manufacturing and the loss of American jobs.
Posted on 1/3/25 at 12:03 pm to HailHailtoMichigan!
It's very difficult to compete with Japanese steel because of WWII. We blew up all their steel plants. So, today all Japanese plants are modern and efficient since none of them are pre-1950.
Our plants are just renovations of much older plants. Much less efficient.
Our plants are just renovations of much older plants. Much less efficient.
Posted on 1/3/25 at 12:16 pm to Zach
Men from WW2 era would be spinning in their grave to see Japanese flag flying over USS, but this deal should have gone through. Nippon is a good company. USS is floundering and will probably close Mon Valley facility. Potentially others, and turn focus on their Big River facility in Osceola, an EAF mill that makes steel cheaper and more efficiently. Cleveland Cliffs, Steel Dynamics and Nucor are more than capable of supplying any steel needs for "national security".
Posted on 1/3/25 at 7:42 pm to Taxing Authority
quote:
Those owners should just lose their money for the good of the country.
How would they lose their money by taking the offer from the American company? If I buy a house at $100k and sell it for $200k even though I wanted $250k, I didn't lose $50k. I still made $100k.
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