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cross-posted from: https://slrpnk.net/post/15827490
How was this a surprise?
this post was submitted on 04 Dec 2024
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Why do the US steel workers want a Japanese buyout?
https://investors.ussteel.com/news-events/news-releases/detail/692/u-s-steel-employees-to-rally-in-support-of-nippon-steel#:~:text=Without%20the%20Nippon%20Steel%20transaction,industry%20of%20an%20opportunity%20to
They explain themselves.
Tldr: to keep their jobs.
It’s fishy to me that a major company that provides critical infrastructure to the nation would need to be bought out to keep running.
It might be Boeing soon. Not that fishy, just greed and corruption.
When you can't compete you can't compete. #capitalismSucks
What I read is that US Steel doesn't feel there's a payback in investing in refurbishing the blast furnaces to keep them going, and want to move to other methods of steel production (apparently something called EAF is cheaper and more eco-friendly), and these would not be in Pittsburgh.
Nippon Steel OTOH still believes there is money in renovating and continuing to run the blast furnaces with the current staffing in place, so the unions who support the current workers are in favor of this.