Steel Mills
President Biden hits out at Nippon's play for USS
Written by Ethan Bernard
March 14, 2024
President Biden said on Thursday that it’s “vital” for U.S. Steel to remain an American steel company.
“It is important that we maintain strong American steel companies powered by American steel workers,” he said in a statement.
“U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated,” the president added.
The United Steelworkers (USW) union supported the president. The USW has previously voiced its criticism of Japan’s Nippon Steel Corp.’s (NSC’s) proposed buy of the Pittsburgh-based steelmaker.
“The USW welcomes President Biden’s statement on the proposed USS-Nippon deal and shares his concerns over the sale’s long-term implications for our economic and national security,” the union said in a statement on Thursday.
“The president’s statements should end the debate: U.S. Steel must remain ‘domestically owned and operated,” USW added.
A request for comment from U.S. Steel and Nippon Steel was not returned by time of publication.
In a separate letter on March 11, addressed to Nippon representative director and EVP Takahiro Mori, USW said, “In many of our communications, NSC representatives have made clear that NSC does not propose, in fact, to take U.S. Steel’s obligations as its own or to take these obligations unto itself.”
“Nor has NSC committed to binding itself to the BLAs and all of the other agreements that U.S. Steel presently has with the USW.”
The union said that if Nippon “were actually to ‘assume all USW agreements,’ consistent with the legal meaning of that term, it would stand in the shoes of U.S. Steel under the USW agreements and be bound by all of the obligations pertaining to U.S. Steel that are found in or related to those agreements.”
Ethan Bernard
Read more from Ethan BernardLatest in Steel Mills
Goncalves says Cliffs still has interest in USS buy
Cleveland-Cliffs Inc. would still be interested in acquiring some or all of U.S. Steel’s assets, if the proposed deal by Nippon Steel stumbles, according to an article in Bloomberg.
Algoma to conclude planned plate mill outage at month’s end
Algoma Steel Inc. expects to wrap up a previously announced outage on its plate mill by the end of this month, a company spokeswoman said. The outage is part of the Canadian flat-rolled steelmaker’s $130 million CAD ($95 million USD) modernization project. It began in mid-April.
SDI execs detail April outage at Sinton, address ‘robust’ HR-CR spread
Steel Dynamics Inc. (SDI) executives said the company's Sinton, Texas, sheet mill should be able to increase melt capacity after an outage earlier this month. Sinton should see "additional improvements in production" after taking "several maintenance days in April," Barry Schneider, SDI president and COO, said in a Q1 earnings conference call on Wednesday.
SSAB Americas Q1 results hit by lower plate prices, demand
Lower demand and prices for steel plate impacted SSAB Americas’ results in the first quarter, Swedish parent company SSAB said in its Q1'24 interim report.
Cliffs working on a transforming solution for Weirton mill
Cleveland-Cliffs is working on a solution for its recently idled mill in Weirton, W.Va., that will address pent-up demand for transformers, increase the need for its electrical steel, and get its workforce back to work.