Hey, what’s going on with the Pittsburgh Steelers’ mascot, Steely McBeam? 🤔 Any relation to Steely Dan? From the looks of him, we think he probably enjoys a cold brewski with a side of yacht rock. 😎🍺
A big business deal between U.S. Steel and Nippon Steel from Japan is causing quite the commotion. 🏭 What’s all the fuss about? We’ve got it covered.
Here’s Five Fast Facts on the U.S. Steel deal:
- ⚙️ Nippon in the Bud - Pittsburgh-based U.S. Steel has been planning a sale to Nippon Steel, a Japanese steelmaker. The deal’s causing a pretty big shakeup politically and the sale is still pending. If the deal falls through, U.S. Steel says it may move their Pittsburgh HQ and cut staff.
- 💸 One Fat Check - Supporters of the deal say the sale is a win, especially money-wise. Nippon announced plans to invest over $2.7 billion to replace and upgrade facilities and maintain jobs. If there’s no deal, U.S. Steel won’t be making the same kind of financial commitment to the company.
- 👎 Team America - Those opposed to the deal come from pretty high places. Both sides of the aisle (Biden, Harris, and Trump) have come out against the sale. They believe that U.S. Steel should stay American-owned and operated.
- 👷 Job Jeopardy - If the deal gets squashed, a ton of jobs could be on the line. Right now, U.S. Steel employs 3,800 employees in Pittsburgh and 4,300 workers at a facility in Indiana. No word on where they’d move the HQ.
- 📖 History Time - U.S. Steel has a rich history in PA and has been making steel since its start in 1901. In addition to the workers employed across the Keystone State, it also supports 11,000 indirect jobs and contributes $3.6 billion to the region’s economy.
🔥Bottom line: As for now, an ultimate decision is still up in the air. White House officials say they’re waiting for a recommendation from the Committee on Foreign Investment in the United States (CFIUS). Will a decision come before or after the election? What will the impact be? Stay tuned!
Are you in favor of the U.S. Steel deal?
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