US Steel Off-Shored to Nippon Steel

[Tryin']

End of an Era. I don't pretend to know anything beyond the surface scale of this deal, but it always feels like bit of a punch to see US manufacturing being acquired by foreign entities.

https://www.reuters.com/markets/deals/japans-nippon-steel-plans-acquire-us-steel-7-bln-nikkei-2023-12-18/

 

[Super Bee]

 

[Ingomike]

The damnation of our country continues…

 

[Mounty09]

I don't think Fetterman should have been elected in office but do agree with him on this!

 

[Leadeye]

The japanese are just as skilled at buying influence as the chinese, once they find Fetterman's number, he'll shut up.

 

[firecadet613]

I don't think Fetterman should have been elected in office but do agree with him on this!

Why are his handlers letting him take this stance? That's what I want to know...

 

[Knight Rider]

Why is this worse than Toyota building cars and trucks here? It will still make steel in the USA staffed by primarily Americans.

Better they go belly up and we have to buy from offshore and lose our domestic production capabilities?

 

[Leo]

People who were far more wise than I told me this would happen. Back when US Steel became USX, they stopped concentrating on steel and got interested in the fast money in the energy sector. Marathon oil was one of their early interests.

Instead of leading the metals industry of the future, they just rode it into the ground, and now selling to foreign entities. I was born with steel mill smoke in my lungs and the stench of the coke plant smells like home. This is a sad day for me.

 

[oze]

Why is this worse than Toyota building cars and trucks here? It will still make steel in the USA staffed by primarily Americans.

Better they go belly up and we have to buy from offshore and lose our domestic production capabilities?

Jobs? Here. Taxes? Here. Mebbe I'm missing something.

 

[Ingomike]

Jobs? Here. Taxes? Here. Mebbe I'm missing something.

Steel has always, heretofore, been categorized as national security issue, foreign ownership was not something on the table. But the normalcy bias and corruption have no bounds today…

 

[Leo]

Jobs? Here. Taxes? Here. Mebbe I'm missing something.

Taxes? You mean all the tax deferments that all the foreign corporations seem to get for decades at a time? <grin>

There is a tax game they play. Say a $100 gizmo has 100 parts. 98 parts are made and assembled in a plant in the USA costing $20. They always have a couple special parts that have to be shipped from japan, top secret, special technology, you know the song and dance. When Uncle Sam gets the tax paperwork, the parts imported from japan magically cost $79.55. Then the plant management proudly pays tax on the product like they only made 45 cents on the $100 sale. They buy a dozen trombones for the school band and plant a tree in the city park once and a while to be a good neighbor.

Czechs controlling small arms and ammunition, Arabs controlling fuel, Japanese controlling steel. The Chinese communists controlling our financial liabilities AND technology. Gates is wanting a stranglehold on our food. Old European families controlling our banking The bidens in charge of our stuff in the Ukraine. The WEF controlling our politicians, Yep, no problem.

 

[Bugzilla]

Called Brauns Indy office to see what he is doing to stop this. Got his answering machine but did leave a good message.

 

[Knight Rider]

When a foreign company sets up shop in the US, it’s horrible for us, but when a US company sets up shop in a foreign county, it’s also horrible for us.

Capitalism isn’t perfect all the time, but I’ll take it every time over a command economy that tells its manufacturing base when, where, and how much to make and who they can sell to.

 

[Shadow01]

Worked up there for a week on their communication infrastructure In the mid 90s. The parking area was 3/4 empty. Still had approximately 10K employees for 24/7 schedules. I was told the property was 10 miles west to east and 3 miles from the front gate to the shoreline.