US Steel was acquired by Japan’s Nippon Steel for $14.9 billion
Steel has become an integral part of the American economy. But as a large portion of the sector is being “sold off to the highest bidder,” members of the United Steelworkers (USW) union are sounding off over the transaction.
“It was the workers that drove the force for the profits to be made, and at the end of the day, they sold off to the highest bidder to line their own pockets, and left these guys kind of holding the bag with an uncertain future,” Local 1219 President Michael Evanovich told FOX Business’ Lydia Hu on Thursday in an interview on “Mornings with Maria.”
In December, U.S. Steel announced that it would be selling the company to the world’s No. 4 steelmaker, Japan’s Nippon Steel. The deal was valued at $14.9 billion, a 40% premium to what U.S. Steel’s stock was at the time.
And while shareholders have seen positive returns due to the merger, union members are expressing concerns about their job security and a future with a foreign company.
“I feel like they already haven’t put America first, by selling out to a foreign entity,” USW Local 1557 President Don Furko said.
obiden does nothing for Union workers, never has never will. Come to think of it, what has he ever done for anyone other than himself ?
At least it wasnt China
TRUMP will get it BACK !!!!!!
Feelings as workers means zippy in private industry. Nothing at all.