This is yet another example of the overall trend of decline in the United States. If you look at almost any social outcome trend you care to name, America is not only not a leader it is usually at the bottom of the pack, education, healthcare, maternal mortality, infant mortality, literacy, education, ability to solve problems, and on and on. Now, as you can see from this article the U.S. is no longer a leader in basic manufacturing, it isn’t even a major competitor. We are on the wrong track as a nation, except in terms of the amount of money we spend in military entities and the weapons they use to kill people.
US Steel’s Edgar Thomson Plant in Braddock, Pennsylvania outside of Pittsburgh. The 122-year-old company, once the backbone of a US economy powered by manufacturing, has agreed to be purchased by Nippon Steel, Japan’s largest steelmaker, for $14.1 billion. The deal faces opposition from politicians and the United Steelworkers union though.
NEW YORK, NEW YORK — The days may be numbered for an independent, American-owned, US Steel, a one-time backbone of the nation’s economy.
US Steel was once the most valuable company in the world. Monday, it agreed to be purchased for $14.1 billion, or $55 a share, by Nippon Steel, Japan’s largest steelmaker.
That $14.1 billion sale price, while a 40% premium from where US Steel’s stock closed Friday before the deal was announced, makes it a minor leaguer in today’s economy. The nation’s tech powerhouses – Apple, Google’s parent Alphabet, Amazon, Microsoft and Nvidia – trade at a valuation of more than $1 trillion each. US Steel, even at the sale price, is valued less than 0.5% of the value of Apple, and less than 2% […]
GO, GO, GO to the Unions to help stop this takeover from happening!