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The John Batchelor Show

PREVIEW: US STEEL: NIPPON STEEL: Conversation with colleague Josh Rogin of The Washington Post re the rejection of the proposed purchase of struggling US Steel by prosperous Nippon Steel. More in the new week.

The John Batchelor Show

John Batchelor

Society & Culture, Arts, News, Books

4.52.8K Ratings

🗓️ 8 September 2024

⏱️ 2 minutes

🧾️ Download transcript

Summary

PREVIEW: US STEEL: NIPPON STEEL: Conversation with colleague Josh Rogin of The Washington Post re the rejection of the proposed purchase of struggling US Steel by prosperous Nippon Steel. More in the new week.
1904-5 Pittsburgh

Transcript

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0:00.0

This is John Bachelor, conversation with my colleague Josh Rogan, writing global opinions for the

0:06.8

Washington Post about the news, Nippon Steel making a big generous offer for U.S. Steel and yet all four candidates, Mr. Trump

0:18.8

and Mr. Bands, Ms Harris and Mr. W. Walls rejected the idea of Nippon Steel buying U.S. Steel.

0:28.0

Nippon is number three or four in the world. U.S. Steel is 24. Nippon Steel wants to invest more money into expanding U.S. Steel.

0:39.5

It is odd, and Josh Rogan has more information even otter about what it means for the

0:45.8

union members who are supporting not only the candidate saying no but the

0:51.6

president of the United States, Joe Biden says no.

0:56.2

To Japan, here's Josh.

0:58.9

More of this later this week.

1:01.7

You know, talking to people from the company, it seems that the union is actually split internally.

1:09.5

The leadership, it seems that just trust Cleveland Cliffs more than they trust Neopon Steel.

1:13.6

Maybe they just know them better.

1:14.7

Maybe there's some side deal we don't know about.

1:17.2

And you know that's not a small issue, but what's clear is that if Cleveland Cliffs buys U.S. Steel, they'll be a contraction because they have all these synergies.

1:27.0

They have all these overlapping things that they don't really need, whereas Nippon Steel definitely wants to expand the US operation.

1:33.7

So that seems like a clear choice to me.

1:35.7

Now, I think the bigger question is,

1:38.4

why does the White House have to get involved at all?

1:40.7

Why is it even their business?

1:41.8

Well, only because there's an election

1:43.2

going and that's clearly what's driving the politics here and afterwards we're

1:47.6

going to be left with this situation that's a mess no matter who wins the presidency.

...

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