‘Grandpa Is Rolling Over In His Grave’ After Japanese Company Acquires U.S. Steel

I grew up on Minnesota's Iron Range, where iron ore mining drives the economy. They've traditionally been the best-paying jobs for many families across generations. Anyone who lives in the area has connections to the mines. I have family members still working the mines, and generations of miners in my family.

"Always Buy American Cars -1990s"

We were always told from a young age to buy American cars made with American steel. In the 90s (that's the 1990s), if you bought a Japanese car, you were called a traitor. Now, they have acquired U.S. Steel. Think about that for a moment. I think my Grandpa might be rolling over in his grave.

It's just such a complete 180 to what our traditions and values used to be - and still are for many. It was always "buy US Steel, buy American made," and now one of the biggest companies that helped us win World War II is being acquired by one of the very countries we fought. Yes, it was generations ago, but what a turn of events.

Nippon Steel Acquires U.S. Steel In Unique Deal

The deal has been finalized for Nippon Steel to acquire U.S. Steel for $15 billion, making it now the fourth-largest steel maker in the world. Nippon says they plan to invest $11 billion in the next few years to replace the aging steel-making equipment in the US. Blast furnaces at many locations are 100 years old.

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President Trump's administration has worked out a deal where the U.S. Government will have a "golden share" of the company that will allow it to have a unique influence over the operations of U.S. Steel.

United Steelworkers Union "Will Hold Nippon To Its Commitments."

The United Steelworkers President, David McCall, issued a statement after the deal was finalized. He criticized U.S. Steel and Nippon for downplaying union members' concerns, and called Trump's "golden share." In his full statement, he also says that they will continue to hold Nippon to its commitments, even after attention to this deal dissipates over time.

The Steelworkers Union agreement with U.S. Steel expires in September 2026, and McCall says they will hold their ground.

“Our current agreement expires in September 2026, and rest assured, if our job security, pensions, retiree health care or other hard-earned benefits are threatened, we are ready to respond with the full strength and solidarity of our membership.”

Good or bad for the steel industry?

U.S. Steel has needed to make investments and upgrades to its facilities. But what will that mean in the future? I guess only time will tell.