Nippon Steel of Japan has pledged to invest $2.7 billion in U.S. facilities, including blast furnaces in Gary and in Pennsylvania.
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The two steelmakers combined have more than 10,000 employees in Indiana.
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U.S. Steel reversed course and said it would continue to supply raw steel slabs to Granite City “indefinitely” and that it had “found a solution to continue slab consumption at Granite City.”
U.S. Steel first announced plans for the acquisition in December 2023 after another purchase offer from rival Cleveland-Cliffs was rejected.
In January, former President Joe Biden blocked the proposed $14.9 billion acquisition of Pittsburgh-based U.S. Steel by Nippon Steel in Japan. However, President Donald Trump on Monday ordered a new review of the deal.
While President Trump’s tariffs could help steel and aluminum plants in the United States, they could raise prices for the manufacturers that use the metals as raw materials.
Nippon Steel in December 2023 made what was a nearly $15 billion bid to buy U.S. Steel, creating a sudden political issue in the 2024 presidential election.
Biden’s decision—attributed by other news organizations to unnamed sources—comes just days after Japan-based Nippon proposed giving the U.S. government a veto over any reduction in U.S. Steel’s “production capacity.”
President-elect Donald Trump is pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker, which has major operations in Indiana.
An arbitration board has ruled that U.S. Steel may proceed with its proposed acquisition by Nippon Steel, a deal that faces strong opposition from its workforce.
The deal would create the third-largest global steelmaker in a bid to compete with Chinese rivals on the global stage. More than 2,000 people work for U.S. Steel in Gary, Indiana.
The mix of tariffs and investigations also represent Biden’s sharpest actions to date to prevent China from unleashing on global markets an avalanche of low-cost goods, at a time when demand in its domestic economy is weak.
The combined company will be among the top three steel-producing companies in the world, according to 2022 figures from the World Steel Association.
U.S. Steel founded the city of Gary with its Gary Works operation that at one time employed some 30,000 people. The steelmaker also operates the Midwest Plant in Portage. Nippon has subsidiary operations in the Indiana cities of Seymour, South Bend and Shelbyville.
President Joe Biden said that the roughly $700 billion the government devotes annually to procuring goods is supposed to prioritize U.S. suppliers, but regulations going back to the 1930s have either been watered down or applied in ways that masked the use of foreign imports.
In return, the British agreed to lift retaliatory tariffs on U.S. exports, including whiskey.
Chuck Jones grabbed headlines in December after he publicly accused then-President-elect Donald Trump of lying about how many jobs he was saving in a deal with furnace and air conditioner maker Carrier Corp.
The American Iron and Steel Institute said Indiana was the top steel-producing state for the 42nd straight year during 2016.
Indiana Gov. Mike Pence is urging the federal government to investigate complaints by U.S. Steel that China is violating international trade laws.
Five months after it expected to hold an election, the union trying to organize nurses at Indiana University Health’s downtown hospitals doesn’t even have a projected date for a vote.
Indiana University Health has agreed to revoke disciplinary actions against two nurses who tried to organize a union at IU Health’s Methodist Hospital earlier this year, the United Steelworkers announced.
Nurses at Indiana University Health’s downtown hospitals are moving quickly to form a union in a bid they say is designed to improve their own working conditions and pay and to improve care for patients.
