President Biden’s decision to block the sale of U.S. Steel to Nippon Steel has sparked considerable debate, and it wasn’t a spur-of-the-moment decision. Reports indicate Biden’s opposition dates back to at least April 2024, suggesting a carefully considered stance rather than a sudden intervention.
The United Steelworkers (USW) union, a key player in this saga, also voiced its opposition to the sale. Their official statements highlight a worker-centric approach to trade policy, aligning with the Biden administration’s broader strategy. This shared position adds weight to the argument that the decision wasn’t solely based on political whim.
The controversy surrounding this decision extends beyond the immediate players.… Continue reading
ThyssenKrupp Steel Europe, facing intense competition from cheaper Asian imports, plans to cut its workforce by over 11,000 by 2030, reducing it from 27,000 to 16,000. This restructuring includes 5,000 job cuts through production and administrative adjustments, and another 6,000 through outsourcing or business sales. To combat overcapacity, production capacity will be reduced from 11.5 million to 8.7-9 million metric tons. While the company aims for voluntary departures, the plan has been met with strong opposition from labor unions.
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As a union steelworker who has spent years at the steel mill in Middletown, I understand the significance of the recent developments regarding Joe Biden’s bailout of the plant. The fact that this new furnace would ensure the continuation of steel production in our town for future generations is crucial for our community’s economic well-being. It’s disheartening to see the backlash from some members of the union who are staunchly against this initiative simply because of political affiliations. The association of “green” initiatives with liberals and socialism has clouded their judgment, and it’s a stark reminder of how misinformation can hinder progress.… Continue reading
The recent news of U.S. Steel warning of potential plant closings if the sale collapses paints a grim picture of mismanagement and desperation within the company. The revelation of a $500 million share buyback in 2023, coupled with a significant one in 2021, points to a company in dire need of financial infusion due to poor decision-making by its executives. It is appalling to see CEOs and board members reaping substantial paychecks while driving the company into the ground.
The whole ordeal reeks of corporate greed and selfishness. Executives should be rewarded for steering a company towards success, not for leading it towards the brink of collapse.… Continue reading
Matt Underwood 
John Q. Hosedrinker