The tensions behind the sale of U.S. Steel
The Indicator from Planet Money
NPR
4.7 • 9.5K Ratings
🗓️ 22 January 2024
⏱️ 11 minutes
🧾️ Download transcript
Summary
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Transcript
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| 0:00.0 | NPR. This is the indicator from Planet Muddy. I'm Jerry Woods. |
| 0:15.0 | And I'm Whelan Wong. |
| 0:17.0 | Last month, Pennsylvania Senator John Feterman posted a video on the social media platform X. |
| 0:22.0 | It's an overcast day and he's wearing a black |
| 0:24.6 | hoodie. Trademark black hoodie? Of course and behind him you can see smoke coming out |
| 0:29.8 | of a factory smokestack. I'm standing on the roof of my home right here in Braddock, Pennsylvania, |
| 0:35.2 | right across the street from the Edgar Thompson plant. |
| 0:38.2 | John Friderman lives across from a plant |
| 0:40.0 | that the company |
| 0:43.6 | US Steel has operated for over a century. And that same day he posted the video, |
| 0:46.0 | US Steel announced that it had agreed to be acquired by Japanese company |
| 0:49.8 | Nippon Steel for 15 billion dollars. |
| 0:52.8 | And I just have to say it's absolutely outrageous |
| 0:55.8 | that they have sold themselves to a foreign nation. |
| 0:58.3 | The senator's comments are reminiscent of what politicians were saying back in the 1980s. This was a decade when some |
| 1:04.7 | lawmakers were alarmed about what they saw as a Japanese takeover of the American |
| 1:09.9 | economy. In 1989, Representative Helen Delich Bentley of Maryland went on sea span to air her grievances. |
| 1:17.0 | I have been very concerned for a long time, that's spoken out many times about the Japan taking over our industry, about the |
| 1:27.0 | actual conspiracy of the Ministry of International Trade and Industry with Japanese |
| 1:32.4 | businesses and industries |
| 1:34.1 | to destroy various industries of ours. |
| 1:36.5 | Some pretty strong language there, so how do we get to this point? |
... |
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