By Free Republic | Created at 2024-09-26 20:07:43 | Updated at 2024-10-01 01:49:02
4 days ago
Kamala Harris clarifies her opposition to a U.S. Steel sale to Japan's Nippon
Pittsburgh Post-Gazette ^ | Evan Robinson-Johnson
Posted on 09/26/2024 1:02:14 PM PDT by Miami Rebel
Kamala Harris was greeted on the tarmac outside Pittsburgh Wednesday not by executives of U.S. Steel but by union leaders.
"It’s most important that we maintain America’s ability to have American manufacturing of steel by American workers,” she told MSNBC host Stephanie Ruhle.
Ms. Ruhle had compared U.S. Steel leaving Pittsburgh to Philadelphia losing the Liberty Bell to Newark.
The iconic Pittsburgh steelmaker has been trying to finalize a sale to Japan’s Nippon Steel for nearly a year, including a robust public relations campaign to convince politicians and workers that the $14.9 billion transaction is the best path forward.
Vice President Harris has voiced her opposition to the deal before, joining the ranks of Joe Biden and Donald Trump. But her remarks Wednesday offered the most detailed rationale to date.
"There is not a new industry that I can imagine that is not going to require steel,” Ms. Harris said. "And having American workers in an American company manufacturing that steel for those new industries is going to be critically important, not only in terms of our economy, but also in the context of national security.”
Her remarks come just weeks after U.S. Steel CEO David Burritt said the company may move out of Pittsburgh if a sale to Nippon Steel is blocked by the government.
Without foreign investment, U.S. Steel could be forced to close manufacturing centers in the region around Pittsburgh, Mr. Burritt said — a move that would put thousands of workers out of work.
The USW called the threats “reckless.” Politicians including Sen. John Fetterman accused the company of bluffing. But analysts and investors said the threats were likely legitimate. “They’d be out of there in a nanosecond,” said one investor speaking on condition of anonymity to discuss a private matter.
(Excerpt) Read more at post-gazette.com ...
TOPICS: Miscellaneous
KEYWORDS: harris; nipponsteel; ussteel
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Both presidential candidates oppose this deal, and that makes zero sense.
Japan is one of our closest strategic allies, and at any rate Nippon isn't going to shutter steel plants in Pennsylvania and ship them to Japan.
Nippon is the only steel company in the world with the financial capacity to revive US production and secure US jobs. I can only guess that the unions (and the governor) are playing political chicken to get Nippon to sweeten the deal.
Both presidential candidates should keep out of this. (Full disclosure: I'm long X shares and options.)
1 posted on 09/26/2024 1:02:14 PM PDT by Miami Rebel
To: Miami Rebel
Manufacturing steel requires ENERGY and LOTS OF IT.
Windmills & solar panels ain’t gonna cut it..........
2 posted on 09/26/2024 1:05:17 PM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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