David McCall, United Steelworkers Union international president, joins 'Squawk Box' to discuss Nippon Steel's acquisition of U.S. Steel, the potential impact on American steelworkers, and more.
United States Steel production represents less than 5% of the world production. Nippon historically invests in technology, and that should be welcome by U.S.Steel and the future of steel production in the US. In addition, Nippon has publicly stated that it would move its' US Headquarters to Pittsburgh.
No one cared when the Indians bought almost all the steel making capacity. US Steel does not make one ounce of steel for national defense...not one ounce.
You have no idea what you're talking about. US steel and Cleveland-Cliffs are the only company's that own blast furnaces in the US which is how you produce higher quality iron fast. Arc furnaces can't keep up. IT NEEDS TO STAY DOMESTIC
@Misockk If that's the case, then let our "capitalism system" kick in and have someone invest in a new company. Welcome to capitalism, amazing how it works, people warn you about it
@@LS1056 come up with something better then an arc furnace you'll be a billionaire. But I'm gonna go ahead and live in reality. Why would you defend a foreign nation purchasing anything of ours? Idiotic
The United States indeed boasts the world's largest coal reserves, clocking in at a staggering 250.2 billion tonnes as of December 2018. That's a whopping 24% of the globe's proven coal reserves right there. It's a significant figure, especially considering that coal remains a crucial ingredient in steel production. In essence, regardless of the outcome of any deal, the United States maintains a powerful position. With its abundant coal resources, it possesses a strategic advantage in steel manufacturing. So, even amidst shifting dynamics, the U.S. could still hold the upper hand in this arena.
