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☆ US Steel’s future as an American company is about to come to a vote. It may not matter
▼ + stars: | 2024-04-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

“It is important that we maintain strong American steel companies powered by American steelworkers,” he said. “US 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.”Experts said opposition from Biden and other politicians — both Republican and Democrats — make it unlikely the deal will win approval. “Six weeks ago, the United States gave Mitsui, a Japanese company, a $20 billion deal to build a crane factory here in the United States and replace all our port cranes throughout the United States. “If the administration has concerns about the Nippon Steel deal, it must seriously consider alternative outcomes. US Steel products, supported by significant capital investments from Nippon Steel, will remain mined, melted and made in America,” the company said.

Persons: Joe Biden’s, Biden, ”, —, “ It’s, Michael Leiter, Skadden, “, Kishida Fumio, ‘, ’, It’s, JD Vance, Phil Gibbs, KeyBank, Gibbs, it’s, Jeff Roberson, Nucor, hasn’t, ” “ Organizations: New, New York CNN, US Steel, Japan’s Nippon Steel, Justice Department, Foreign Investment, Treasury, Commerce, Defense, State, Homeland Security, American steelworkers, Steel, ”, Republican, Democrats —, Japanese, United States, Mitsui, United Steelworkers, steelworkers, Ohio, Nippon, Cleveland Cliffs, Nippon Steel, Cleveland, US Steel Granite City Works, AP, US Locations: New York, United States, Japan, American, Slate, United, Cleveland, US Steel Granite City, Arkansas, America

Deal making runs into presidential politicsPresident Biden holds talks on Wednesday for Fumio Kishida, Japan’s prime minister, part of a state visit designed to show the U.S.’s commitment to a staunch ally. Despite the pomp and ceremony, the presidential election will loom over the meetings, with Biden’s opposition to Nippon Steel’s bid for U.S. Steel showing how the chase for votes is affecting deal making and economic policy. The summit will be just the fifth state visit of his administration, and reflects a different approach to that of his predecessor, Donald Trump. Both Biden and Trump have courted union workers, notably during the auto industry strike last year. Biden is the first sitting president to visit a picket line.

Persons: Biden, Fumio, Donald Trump, It’s, Trump Organizations: Nippon, U.S, Steel, Nippon Steel’s, Pennsylvania, Biden Locations: U.S, Japan, China, South Korea, India, Europe, Philadelphia, Pittsburgh

☆ Comic featuring Superman’s first ever appearance sells for record $6 million
▼ + stars: | 2024-04-05 | by ( Issy Ronald | ) edition.cnn.com time to read: +2 min

CNN —A 1938 comic featuring Superman’s first appearance sold for $6 million at auction on Thursday, becoming the most expensive comic ever, according to Heritage Auctions, which handled the sale. And despite its age, this comic was still in very good condition, with rich colors and a little wear at the top. Only two other unrestored copies exist in better condition, Heritage Auctions said, and only 100 in total are estimated to survive out of the 200,000 originally printed. The comic was in remarkably good condition for its age. Other copies have also sold for record-breaking prices, including one in 2021 that went for $3.25 million and became the most expensive ever comic at the time.

Persons: Barry Sandoval, Jerry Siegel, Joe Shuster, Lois Lane, ” Organizations: CNN, Heritage, Heritage Auctions, CGC Comics

☆ Taipei 101: How Taiwan’s tallest skyscraper withstands earthquakes
▼ + stars: | 2024-04-04 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

But in a triumph of modern engineering, the soaring Taipei 101, once the world’s tallest skyscraper, emerged from the island’s latest seismic event undamaged. A 660-ton spherical device called a tuned mass damper swings like a giant pendulum in the skyscraper's upper floors. “It’s essentially a very large counterweight,” explained Stefan Al, author of “Supertall: How the World’s Tallest Buildings Are Reshaping Our Cities and Our Lives,” in a phone interview. “In the case of Taipei 101, it’s 660 tons. Lee & Partners, Taipei 101 was the world’s tallest building from 2004 until 2007, when it was surpassed by the Burj Khalifa in Dubai.

Persons: Richard Chung TW, “ It’s, ”, Stefan Al, “, it’s, ” Al, Al, Lee Organizations: CNN, National Fire Agency, Lee & Partners Locations: Taiwan, Hualien County, Taipei, New York, Burj Khalifa, Dubai, ”, Indonesia, Chile

☆ Republicans under scrutiny for supporting conception bill in wake of Alabama IVF ruling
▼ + stars: | 2024-02-26 | by ( Melanie Zanona | Lauren Fox | ) edition.cnn.com time to read: +5 min

But Democrats say that is incongruous with the House GOP legislation defining life as beginning at conception. But Steel is also a co-sponsor of the Life at Conception Act — which Democrats have been quick to point out. Steel’s office has not yet returned a request for comment on how she squares those two positions, nor have other House Republicans who expressed support for IVF while being co-sponsors of the House bill. And on Monday, the House Democrats’ campaign arm convened a press call with Reproductive Freedom for All to further hammer House Republicans over the issue. Still, Bacon argued the purpose of the bill is not to ban IVF, despite Democrats claiming otherwise.

Persons: Alex Mooney, Mike Johnson –, —, GOP Sen, Rand Paul of Kentucky, Michelle Steel, Harris, Suzan DelBene, Don Bacon of Nebraska, Bacon, Mooney, ” Bacon, ” Organizations: GOP, Alabama Supreme, Biden, Republicans, PAC, House Democrats, Democrats, “, Alabama, ”, Democratic Congressional, Republican, CNN Locations: Alabama, West Virginia, California

☆ Biden Faces More Pressure From Environmentalists to Block Steel Merger
▼ + stars: | 2024-02-15 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

President Biden is facing new pressure to block Nippon Steel’s acquisition of the iconic manufacturer U.S. Steel, this time from environmental groups that say the tie-up would set back America’s efforts to curb climate change. In interviews, environmental activists working to reduce greenhouse gas emissions say the merger would bring together two steel giants that are laggards on transitioning away from fossil fuels. Researchers at Industrious Labs, a nonprofit pushing to decarbonize steel and other heavy industries, drew on both companies’ public disclosures to calculate that Nippon and U.S. Steel are relatively high emitters of heat-trapping gases from steel production. Three U.S. Steel facilities — in Pennsylvania, Indiana and Illinois — combine to emit more greenhouse gases in a year than a comparable number of coal-fired power plants, the researchers estimate. Officials from Nippon and U.S. Steel say they are pursuing multiple strategies to decarbonize by 2050, including high-grade steel production in more efficient electric-powered furnaces and using hydrogen-injecting technology in blast furnaces, and that their merger will advance those efforts.

Persons: Biden Organizations: Nippon, U.S . Steel, U.S, Steel Locations: Pennsylvania , Indiana, Illinois

☆ A City Built on Steel Tries to Reverse Its Decline
▼ + stars: | 2024-02-03 | by ( Santul Nerkar | Akilah Townsend | ) www.nytimes.com time to read: +1 min

The home of U.S. Steel’s largest mill, Gary churned out the product that built America’s bridges, tunnels and skyscrapers. The city reaped the rewards, with a prosperous downtown and vibrant neighborhoods. Gary’s smokestacks are still prominent along Lake Michigan’s sandy shore, starkly juxtaposed between the eroding dunes and Chicago’s towering silhouette to the northwest. More than 10,000 buildings sit abandoned, and the population of 180,000 in the 1960s has dropped by more than half. As U.S. Steel stands at a crossroads — a planned acquisition would put it under foreign control — so does the city that was named for the company’s founder and helped build its empire.

Persons: Gary, Gary ” Organizations: U.S, Steel Locations: Ind, U.S, Steel’s

NEW YORK (Reuters) -U.S. Steel Corp is locked in a spat with rival steelmaker Cleveland-Cliffs Inc over a confidentiality pact that would allow the latter to participate in a sale process that is underway, people familiar with the matter said on Wednesday. U.S. Steel has made the standstill a condition to allowing Cliffs to carry out due diligence and participate in its sale process, the sources added. It has also told Cliffs that all bidders are being granted access to its sale process on the same terms, according to the sources. Reuters has reported that ArcelorMittal is one of the parties that has been working on a potential bid for U.S. Steel. Cliffs would break into the world’s top 10 steel producers, which are mostly from Asia, should its bid for U.S. Steel succeed.

Persons: steelmaker, David Lawder, ArcelorMittal, Steel, Thomas Conway, Lourenco Goncalves Organizations: YORK, . Steel Corp, Cliffs Inc, REUTERS, U.S . Steel, . Steel, JPMorgan, UBS, MUFG, Truist Securities, Reuters, U.S, Steel, United Steelworkers, Wall, United Auto Workers, UAW Locations: steelmaker Cleveland, Granite City , Illinois, Wells Fargo, Asia

“This proposal is a landmark moment for maintaining ongoing U.K. steel production, supporting sustainable economic growth, cutting emissions and creating green jobs,” said Treasury chief Jeremy Hunt. “With the support of the U.K. government and dedicated efforts of the employees of Tata Steel U.K. along with all stakeholders, we will work to transform Tata Steel UK into a green, modern, future-ready business," said Tata Steel’s chief executive and managing director, TV Narendran. Unions were furious about the potential job losses at Port Talbot, which at its height in the 1960s employed around 20,000 people, before cheaper offerings from around the world hit production. "The cost to local people and the wider Port Talbot community will be immense," said Gary Smith, general secretary of the GMB trade union. He noted that Germany has invested over $53 billion in decarbonising heavy industry and has committed to work with unions and protect jobs.

Persons: ”, Jeremy Hunt, Tata, Gary Smith, “, Luke Murphy Organizations: Tata, Britain’s Department for Business, Trade, “, Tata Steel, Tata Steel UK, Unions, Port Talbot, Institute for Public Policy Research Locations: Port Talbot, Wales, steelmaking, Britain, Germany

☆ US Steel, once a symbol of America’s economic might, is now for sale in the bargain bin
▼ + stars: | 2023-08-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

The Pittsburgh-based company formed in 1901 as a merger of the nation’s leading steel companies — including Carnegie Steel Corp. — and was engineered by financier J.P. Morgan. But, in recent years, US Steel’s fallen far below other American steel companies in steel output and stock market value. (Last year, US Steel shipped only 11.2 million tons of steel from its US operations and had just under 15,000 US employees.) That compares to 14.49 million metric tons from US Steel, including its operations in Europe, which rank 27th in the world for 2022, according to the World Steel Association. Bradford said all along the way, US Steel and other US integrated steelmaking rivals with storied names such as Bethlehem Steel, Inland Steel and LTV Steel underestimated the competitive challenge that they faced from overseas and mini-mills at home.

Persons: J.P, Morgan, Andrew Carnegie, eyeing, ”, Charles Bradford, “ It’s, ” Bradford, Nucor, Bradford, Walt, Joe Biden, Biden, what’s, he’s, Sen, J.D, Vance Organizations: New, New York CNN, US Steel Corp, US Steel, Steel, titans, Carnegie Steel Corp, United Nations, Homestead, US Steel's Carnegie, Illinois Steel Corp, Bettmann, Atlantic, Pittsburgh, Pittsburgh Post, Gazette, US, Fairfield Works, . Steel, World Steel Association . US Steel, Bethlehem Steel, Inland Steel, LTV Steel, Dow Jones, Walt Disney, JPMorgan, Co, Street, LTV, Reuters, Cliffs, The United Steelworkers, Ohio Republican Locations: New York, Pittsburgh, United States, Europe, Japan, Germany, Fairfield Works ., Charlotte, America, Bethlehem, steelmakers, China, India, Korea, Inland, Cleveland, Ohio

☆ US Steel rejects buyout offer from rival Cleveland Cliffs
▼ + stars: | 2023-08-14 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Cleveland-Cliffs proposes paying $17.50 a share in cash, and 1.023 shares of Cliffs stock for each US Steel share. Based on Friday’s closing price, that would be worth $32.53 for each US Steel share, an increase of 43% from US Steel’s Friday closing price. Its letter said it will not exercise that right should Cleveland-Cliffs purchase the company, and that it would oppose any other potential purchase offer for US Steel. Cleveland-Cliffs produced 16.8 million tons of steel in 2022, while US Steel produced 11.2 million tons at its US operations and another 3.7 million tons in Europe. Cleveland-Cliffs and US Steel are the two US steelmakers that make most of their steel from raw materials, while Nucor makes its steel primarily from melting steel scrap to produce steel.

Persons: ”, Lourenco Goncalves, Nucor Organizations: New, New York CNN, US Steel, Cliffs, Cleveland Cliffs, United Steelworkers, US Steel . Locations: New York, Cleveland, US Steel . Cleveland, Europe

☆ U.S. Steel explores options after rejecting $7.3 billion offer from Cleveland-Cliffs
▼ + stars: | 2023-08-13 | by ( Jyoti Narayan | Akanksha Khushi | ) www.reuters.com time to read: +3 min

(Reuters) -United States Steel Corp on Sunday launched a formal review of its strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs Inc. FILE PHOTO: Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File PhotoThe unsolicited cash-and-stock offer from Ohio-based Cliffs values U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday. Cliffs said its offer to acquire U.S. Steel had received the support of the United Steelworkers union, which is North America’s largest steel industry union. In a separate statement later Sunday, U.S. Steel confirmed it received an offer from Cliffs and other interested parties.

Persons: rebuffing, steelmaker, Lawrence Bryant, ”, Lourenco Goncalves, Davis Polk, Milbank, Lipton, Katz Organizations: Reuters, United States Steel Corp, Sunday, Cliffs, U.S . Steel, U.S . Steel Granite City, REUTERS, Steel, U.S, China . U.S . Steel, AK Steel Holding Corp, United Steelworkers, Company, UBS, Wardwell, . Steel, Barclays Capital, Goldman Sachs Group, Milbank LLP, Wachtell, Rosen Locations: steelmaker Cleveland, U.S . Steel Granite, Granite City , Illinois, U.S, Ohio, China . U.S, steelmaker, North, Wells Fargo, J.P.Morgan, Cleveland

☆ US Steel receiving acquisition offers as company promises to maximize stockholder value
▼ + stars: | 2023-08-13 | by ( Jennifer Korn | ) edition.cnn.com time to read: +2 min

New York CNN —United States Steel Corp. (X) is considering a sale after fielding acquisition offers, according to a news release Sunday from the company. The steel producer is under a formal review process after “receiving multiple unsolicited proposals” for both specific assets and the entire firm, the release announced. The company and the rest of the domestic steel industry were supposed to get help from a 25% tariff on steel imports put in place in 2018 by the Trump administration. Prices retreated and problems returned to the industry thanks to stockpiling, as well as slowdowns in the auto, energy and construction sectors. The drop in demand, combined with the increased American production, caused a glut in supply and a sharp drop in prices leaving the steel industry hurting in the years since.

Persons: ” David Burritt, Goldman Sachs, Milbank, Wachtell, Lipton, Katz, Donald Trump, Trump, we’ve, Burritt Organizations: New, New York CNN — United States Steel Corp, “, Steel’s, CNN, Barclays Capital, Rosen, US Steel Corp, US Steel Locations: New York, China

☆ Spotify’s awkward three-way dance leads to slip-up
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 25 (Reuters Breakingviews) - Spotify (SPOT.N) is caught between the expectations of investors and major music labels. One bullish argument for Spotify’s stock is that higher prices will mean higher margins over time. First, some of Spotify’s customers pay annually, which means the price hike might take a while to come through. He’s locked in a long-term standoff with major labels like Universal Music Group (UMG.AS), which currently grab the overwhelming majority of Spotify’s revenue. In other words, Spotify’s future may be rosier than Ek is willing to let on.

Persons: Daniel Ek, Ek, coy, He’s, Karen Kwok, Liam Proud, Oliver Taslic Organizations: Reuters, Spotify, Universal Music, Twitter, Thales, Thomson Locations: Spain

☆ Fight for control of the RNC turns heated as some members demand change
▼ + stars: | 2022-12-15 | by ( ) edition.cnn.com time to read: +15 min

CNN —Shortly before announcing her campaign against Republican National Committee chair Ronna McDaniel, Harmeet Dhillon, a well-connected conservative attorney, phoned an important ally to solicit his thoughts. Republican voters and local officials have bombarded committee members with emails and calls about the party’s next chair, often berating them directly for the GOP’s underwhelming performance in the midterms, according to four committee members who requested anonymity to describe their experience. During the same period, her law firm received nearly $900,000 from the RNC, federal election data shows. We are all independent thinkers, and we know what’s best for our states,” said Jeff Kent, a committee member from Washington. “It’s very hard to beat an incumbent RNC chair if that incumbent wants to stay,” said Bill Palatucci, a New Jersey committeeman.

Gary Works, still one of the largest steel mills in the U.S., employs 4,000 people and has 7.5 million net tons of annual raw steel capability. Big River Steel recently installed a slushie machine to help employees cool off. But the algorithms deployed at Big River can’t plug and play in other mills, according to Christian Holliday, senior director of Digital Studio and Big River Steel Integration at U.S. Steel. Bandwidth is notoriously poor in environments like steel mills that are full of concrete and steel. The Big River acquisition hasn’t provided a one-size-fits-all template for modernization at U.S. Steel’s older plants.

☆ Fact Check-No evidence for new ‘Sharpiegate’ allegations in Pennsylvania midterm elections
▼ + stars: | 2022-11-11 | by ( Reuters Fact Check | ) www.reuters.com time to read: +5 min

A video being shared is claiming that Sharpie pens would cause ballots to bleed through and that settings on Dominion machines would then be unable to read a person’s vote in Pennsylvania. LISTEN CLOSELY about Election Day voting with the right pen issue and the sharpie gate plan too. According to the Department of State, out of 67 counties in Pennsylvania, 13 use Dominion machines, including Erie, Crawford, Warren, Clarion, Jefferson, Armstrong, Fayette, Bedford, York, Luzerne, Carbon, Pike, and Montgomery. “We are aware of these allegations made in previous elections, and those previous accusations were determined to be unfounded in Pennsylvania.”Moreover, Dominion machines can read Sharpie-marked ballots, the company says. On its website, Dominion Voting Systems says (here “Dominion machines can read hand-marked paper ballots marked with writing instruments approved by election authorities, including Sharpie pens."

☆ In California, two Asian Americans fight for a seat in the House — and with each other
▼ + stars: | 2022-10-25 | by ( Kimmy Yam | Kimmy Yam Is A Reporter For Nbc Asian America. | ) www.nbcnews.com time to read: +9 min

As the midterms loom, one key House race in California is drawing significant attention both to Asian Americans in the district, and from them. The race features a rare matchup between two Asian Americans, and the result hinges on Asian Americans, who make up about a third of the district’s voters. “I think here, we’re seeing a wake-up call,” Connie Chung Joe, chief executive of Asian Americans Advancing Justice Southern California, told NBC News. Within the electorate, almost half are of Vietnamese descent, one of the few Asian American groups that tends to lean right. It’s something, Joe said, that white candidates, for example, can “take for granted.”But Wong added that accusing another Asian American candidate of being disloyal “hurts the whole Asian American community.”As fiery as the race has been, it’s also reflective of a political maturation within the Asian American community, experts say.

☆ Mukesh Ambani pulls off one shade of overseas M&A
▼ + stars: | 2022-09-19 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 19 (Reuters Breakingviews) - Mukesh Ambani’s overseas shopping spree is so far more splash than cash. Ambani calls this the “newest growth engine” and “far more global in scope than anything Reliance has ever done before”. Earlier this month, Reliance bought a majority stake in SenseHawk, which develops software-based management tools for solar energy generation. The unknown, following the failed flutter at Boots, is where Ambani’s global ambitions stop. CONTEXT NEWSMukesh Ambani’s Reliance Industries on Sept. 5 announced an agreement to acquire a majority stake in California-based SenseHawk for $32 million.

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