U.S. Steel rallies for sale to Nippon Steel
The Washington Post reported Wednesday that President Joe Biden plans to stop the deal from going forward.
By JACK TROY
TribLive
Standing before a sea of workers in orange jackets and hard hats, U.S. Steel executive Scott Buckiso argued for a $14.9 billion sale to Nippon Steel at a rally in downtown Pittsburgh on Wednesday.
Buckiso, senior vice president and chief manufacturing officer of U.S. Steel’s North American Flat-Rolled segment, zeroed in on $2.7 billion through 2026 in plant investments pledged by Nippon Steel if the deal survives federal scrutiny.
“U.S. Steel will simply not make these investments if it continues to be a standalone company,” Buckiso said. “It is time to put politics aside and do what’s right for you and all of the other steel workers in Pennsylvania.”
That last line elicited applause from an audience that filled about half the courtyard next to the U.S. Steel Tower and included hundreds of employees bussed from the Mon Valley Works.
“Let’s close this deal,” Buckiso added, stressing each word.
Moments later, the Washington Post reported that President Joe Biden will block the deal.
The prospective sale of the iconic American firm to a Japanese steelmaker appeared to enter its dramatic final phase Wednesday. Biden’s reported plans, also reported in the New York Times, put the deal in even more serious jeopardy than this morning, when the Wall Street Journal quoted U.S. Steel CEO David Burritt as warning that no deal could spell the end of his company in Western Pa.
Announced in December and overwhelmingly approved by shareholders in April, the deal has pitted the United Steelworkers against U.S. Steel, U.S. Steel against federal elected officials and these officials against their state and local counterparts.
“We’ve got to stop the pandering and political grandstanding,” said state Senate President Pro Tempore Kim Ward on Wednesday morning. “We’ve got to think about the families that are depending on keeping jobs here and keeping our heritage in southwestern Pennsylvania intact.”
At the rally, West Mifflin Mayor Chris Kelly spoke about the prospect of his community losing the Irvin Works, one of three facilities comprising the Mon Valley Works. Collectively, the plants employ more than 3,000 people, according to U.S. Steel.
“I’m looking today and I’m wondering why more people aren’t (mad) at the politicians using these people in the Mon Valley as pawns,” Kelly said. “Whether you’re a Democrat or Republican, you should be upset, and you should let them know it.”
Those representing Western Pennsylvania in Congress say they’re unmoved by Burritt’s comments and shows of support, like the rally. U.S. Rep. Chris Deluzio said the latest threat to close the Mon Valley works is just another chapter in a long history of “anti-union behavior.”
“At every juncture, (U.S. Steel has) neglected investments in Western Pennsylvania and other strong union regions in favor of investment in facilities in anti-union states with non-unionized work forces,” Deluzio said.
U.S. Sen. John Fetterman put out a colorful press release Wednesday afternoon calling out U.S. Steel executives for “looking for a golden parachute.”
But Allegheny County Councilman At-Large Sam DeMarco said it would be a big mistake to pass on this deal.
“Many times in life, opportunity only knocks once,” DeMarco said. “I don’t want us to miss this opportunity.”
