Investing

Biden Suffocated US Steel's (X) Best Option And Left Them Out To Dry

Austin Smith

Published: January 16, 2025 7:20 am

24/7 Wall St. Key Points:

• The U.S. government turned down Nippon Steel’s plan to buy U.S. Steel Corp. (NYSE: X), which let down workers and investors standing to gain from the $55 per share proposal.
• Lacking competitive positioning in both home and international markets, U.S. Steel is experiencing long-term decline and has no obvious road to rebirth.
• Emphasizing the lost chance for stability and investment in U.S. Steel’s activities, Nippon Steel had promised to keep jobs American-based.
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Transcript:

[00:00:04] Douglas McIntyre: So basically, the administration, current administration killed the, Nippon Steel purchase U. S. Steel. Now, U. S. Steel is not a strong company, okay?

[00:00:17] Lee Jackson: Hardly. They’re horrible.

[00:00:19] Douglas McIntyre: if you look at those shares, if you look at, if you look at that company, that is a company that is going to slowly but surely shrink, and eventually, eventually, I’m not saying it’s going to go out of business, but it’s, there’s no question.

[00:00:34] Douglas McIntyre: It does not have a future.

[00:00:36] Lee Jackson: No, you’re 100 percent right, and they’re not even close to being a leading steel producer in the world, in the United States. And, Yeah, I, you know, the Nippon offer was huge. It was 55 a share, you know, so I mean, there’s a lot of, people that work there and, and, and people with shares that are very disappointed in this.

[00:01:01] Lee Jackson: And, and from what I read, they also promised that all the jobs were going to stay. They’re not moving anything out of Pittsburgh or any place like that. And all the jobs were going to stay. And I don’t know, I, I think Trump may have to mold this over because I don’t think without a big infusion and the kind of money that Nippon has, they’ll probably just muddle along for years and hopefully, you know, not have to close.