Just seems wrong.
“We’re bigger than US Steel.”
So is everyone now.
“We’re bigger than US Steel.”
So is everyone now.
Nippon Steel acquires US Steel for $14.1 B.
- Thread starter BobPSU92
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Well, you don't really need defense when the entire country (and many of its politicians) are for sale.
I found this to be interesting
mrssteel.com.vn
Top 5 steel manufacturing mills in the United States
The US steel industry, with its long history of development, plays an important role in the country’s economy. With continuous growth, the US is proud to have a robust steel industry with many large and modern factories. In the article below, MRS Steel invites you to learn about the top 5...
mrssteel.com.vn
FWIW:I found this to be interesting
Top 5 steel manufacturing mills in the United States
The US steel industry, with its long history of development, plays an important role in the country’s economy. With continuous growth, the US is proud to have a robust steel industry with many large and modern factories. In the article below, MRS Steel invites you to learn about the top 5...
The US produces about 5% of the steel worldwide (China produces over 1/2 - and India and Japan each produce more than the US. As does the EU, if taken as a whole).
US steel production is around 50% less than it was 50 years ago... during which time worldwide production has more than tripled (so it is not as if the market is not there)
What does that all mean? Everyone will have their own interpretation, of course.
In my opinion 3 areas contributed to the downturn in US steel industry.
1. Union demands. Unions got very good health care plans for workers. Very good vacation plans to include a six month paid vacation every 6 years in addition to annual paid vacation.
2. EPA regulations. Places like China did not have the added expense of conforming to EPA regs.
3. Poor management. At one point in the late 60's US Steel made more money from real estate than making steel. Management concentrated on making money in the short term and neglected new technologies.
I think there is only 1 steel mill in Pittsburgh. The Edger Thompson works of US Steel.
Bonus question (without looking it up) Who was Edger Thompson?
1. Union demands. Unions got very good health care plans for workers. Very good vacation plans to include a six month paid vacation every 6 years in addition to annual paid vacation.
2. EPA regulations. Places like China did not have the added expense of conforming to EPA regs.
3. Poor management. At one point in the late 60's US Steel made more money from real estate than making steel. Management concentrated on making money in the short term and neglected new technologies.
I think there is only 1 steel mill in Pittsburgh. The Edger Thompson works of US Steel.
Bonus question (without looking it up) Who was Edger Thompson?
The geniuses that run this country have decided we don’t need steel mills, machine shops and other manufacturing facilities. We can buy all those things from foreign suppliers, thus allowing us to concentrate on phone apps, social media site development and TV game show production.
However, if we somehow go to war with those countries they may selfishly decide to stop providing us products. The brain trust hasn’t figured that part out yet. But I’m certain our best minds are hard at work on this potentially annoying detail.
However, if we somehow go to war with those countries they may selfishly decide to stop providing us products. The brain trust hasn’t figured that part out yet. But I’m certain our best minds are hard at work on this potentially annoying detail.
Total annual comp from USS was into the 8 figures per year, at least in some years. (Under his watch, US Steel market cap dropped by 90%, FWIW)
At the same time, he was collecting fees as a member of the Board for other enterprises - total comp from these concurrent endeavors likely in the 7 figures.
After his tenure at US Steel, he was named as the Chief of one of the Federal Reserve Banks (Cleveland?).
Not sure how much that pays... but given his stellar performance for US Steel, its shareholders, and employees, one can hardly hesitate to applaud such an appointment for the benefit of the Nation.
This is what we're up against.Just seems wrong.
“We’re bigger than US Steel.”
So is everyone now.
To have everything in-house would come at a great hit to collective wealth.
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In a time of extreme crisis (ie war) the Fed Gov. can effectively take over private manufacturing via presidential Executive orders to only produce goods sellable to the Federal Government.
Yup. It's not as if the Japanese owners can disassemble the mills and ship them home.
I worked at a USS plant in Vandergrift, PA in the late 60’s. Three summers during my time at Penn State. One summer in the plant….very hot, dirty and exhausting…..then two years in Engineering. That plant closed in 80’s and is now an ATI plant (Allegheny Ludlum in the old days).
Edgar Thomson (no ‘p’) wasn’t even a steel person. He was head of the Pennsylvania Railroad. He helped design Horseshoe Curve near Altoona.
It means it is a national security strategic problem for the U.S. when your primary adversary (China) produces 1/2 of the world's steel.
I would add that the Japanese also participated in predator pricing and flooded the US and International markets with Steel at below cost to drive domestic producers out of business.
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