US Steel, Founded by Andrew Carnegie and J.P. Morgan, Sold to Foreign Company
U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, is being acquired by Japan’s Nippon Steel in an all-cash deal valued at approximately $14.1 billion.The transaction is worth about $14.9 billion when including the assumption of debt.
The price tag for U.S. Steel is nearly double what was offered just four months ago by rival Cleveland Cliffs. U.S. Steel, which rejected that offer, confirmed the offering price from Nippon early Monday.
Shares of United States Steel Corp. soared more than 27 percent before the opening bell Monday.
As one person commented, "At one time Pittsburg Steel was some of the finest worldwide. It helped build America; a shame it had to be sold to a foreign nation but as our country is slowly disintegrating into a 2nd world nation everything is changing."
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So stupid just keep selling our souls to other countries.
ReplyDeleteThis is a very bad decision.
ReplyDeleteThis brings tears to my eyes. Although, it's been many years since the steel mills closed in PA.
ReplyDeleteThis is just the coup de grace.
And to think that the former Senator said it was a good thing. He probably knew this was coming when he stepped down, and he's making a bundle on it.
You shoulda got some friends together and made a bid what’s the problem? The japs will make better steel just like they make better autos.
ReplyDelete@2:37...really a well thought out idea
ReplyDeleteI can't argue with you 2:37, you make a valid point.
ReplyDeleteNo room in business for sentimentality!
Where did all you anti-American actors come from--America Last BS.
ReplyDelete