by Guest » December 20, 2023, 4:26 pm
Geest wrote: ↑December 19, 2023, 1:46 pm
It undoubtedly will effect the lakes, but I don't quite see the rationale for doom and gloom other than the usual protectionist arguments. I'm sure the same noise was made when Arcelor bought up the mills at Burns Harbor and Indiana Harbor as well, and the sky didn't fall then either.
The various sales of the former Inland Steel and Bethlehem Steel occurred during a round of steel demand collapse in 2001-2003, and Wilbur Ross purchased those steel mills under the International Steel Group (ISG). He subsequently sold those mills to Arcelor-Mittal a couple of years later as steel demand picked up, peaked, only to collapse again in October 2008. That was at the time that Severstal owned the former Rouge Steel. So foreign investors/buyers were seen as saviours.
I think one reason why we are seeing some push-back against Nippon Steel's purchase of US Steel is that in the 1980s, Japan was seen as the main country dumping steel in the US - and hence why so many mills were being closed. The story was much more complex then that, of course, but people needed someone to blame.
The reaction by some to the sale of US Steel to Nippon Steel may be tied to those rememberances from the early- to mid-1980s.
BTW, US Steel owns Big River Steel, which operates two mini-mills. Are those mills included in the sale to Nippon Steel?
[quote=Geest post_id=259107 time=1703011564]
It undoubtedly will effect the lakes, but I don't quite see the rationale for doom and gloom other than the usual protectionist arguments. I'm sure the same noise was made when Arcelor bought up the mills at Burns Harbor and Indiana Harbor as well, and the sky didn't fall then either.
[/quote]
The various sales of the former Inland Steel and Bethlehem Steel occurred during a round of steel demand collapse in 2001-2003, and Wilbur Ross purchased those steel mills under the International Steel Group (ISG). He subsequently sold those mills to Arcelor-Mittal a couple of years later as steel demand picked up, peaked, only to collapse again in October 2008. That was at the time that Severstal owned the former Rouge Steel. So foreign investors/buyers were seen as saviours.
I think one reason why we are seeing some push-back against Nippon Steel's purchase of US Steel is that in the 1980s, Japan was seen as the main country dumping steel in the US - and hence why so many mills were being closed. The story was much more complex then that, of course, but people needed someone to blame.
The reaction by some to the sale of US Steel to Nippon Steel may be tied to those rememberances from the early- to mid-1980s.
BTW, US Steel owns Big River Steel, which operates two mini-mills. Are those mills included in the sale to Nippon Steel?