Business
Lawmakers push to stop ‘fundamentally troubling’ sale of US Steel on December 19, 2023 at 8:34 pm Business News | The Hill
Lawmakers in both parties are up in arms about the $15 billion acquisition of U.S. Steel by Japanese Nippon Steel Corporation (NSC), warning the deal could threaten national security, shift steelworking jobs to low-wage states and undermine U.S. industrial capacity.
In a letter sent Tuesday to Treasury Secretary Janet Yellen, Republican senators said Committee on Foreign Investment in the United States (CFIUS) should block the sale.
“[CFIUS] can and should block the acquisition of U.S. Steel by NSC, a company whose allegiances clearly lie with a foreign state and whose record in the United States is deeply flawed,” Sens. J.D. Vance (R-Ohio), Marco Rubio (R-Fl.) and Josh Hawley (R-Mo.) wrote.
CFIUS is a panel chaired by the Treasury secretary that has the power to block the sale of U.S. businesses to foreign firms if the acquistion would threaten national security.
The senators said the deal was too focused on making money for shareholders and didn’t consider the full range of economic implications.
“The transaction was not the product of careful deliberation over stakeholder interests, but rather the result of an auction to maximize shareholder returns,” they wrote.
The Treasury Department declined to comment to The Hill on the feasibility of the deal or what a CFIUS approval process would entail for Nippon to turn U.S. Steel into a subsidiary.
Democrats are also pushing back against the acquisition that would see the world’s fourth-largest steelmaker subsume the 27th-largest.
“This is a major blow to the American steel industry which has been instrumental in making us the superpower of the world and a direct threat to our national security,” Sen. Joe Manchin (D-W. Va.) said in a Tuesday statement. “We must be doing everything we can to prevent any further deterioration of American ownership.”
Senate Banking Committee Chair Sherrod Brown (D-Ohio) criticized the deal for stemming unilaterally from management and failing to include union employees in the decision-making process.
“Nippon and U.S. Steel have insulted American steelworkers by refusing to give them a seat at the table and raised grave concerns about their commitment to the future of the American steel industry,” he said in a statement on Monday.
Union jobs were also top of mind for Sen. Bob Casey (D-Penn.), who called the merger a “bad deal” for his state, where U.S. Steel is headquartered in Pittsburgh.
“I’m concerned about what this means for the Steelworkers and the good union jobs that have supported Pennsylvania families for generations, for the long-term investment in the Commonwealth, and for American industrial leadership,” he said in a Monday statement.
Brown and Casey are up for reelection in 2024 in states where former President Trump remains broadly popular. Both have touted their stalwart support of labor unions and attempts to hold major industrial firms accountable to their constituents.
The United Steelworkers union said the proposed deal already constitutes a violation of the union’s agreement with management and that it’s relying on regulators to scrutinize it closely.
“Neither U.S. Steel nor Nippon reached out to our union regarding the deal, which is in itself a violation of our partnership agreement that requires U.S. Steel to notify us of a change in control or business conditions,” union president David McCall said in a statement on Monday.
“We … will strongly urge government regulators to carefully scrutinize this acquisition and determine if the proposed transaction serves the national security interests of the United States and benefits workers,” he said.
U.S. Steel would become an unlisted company as a result of the deal and a wholly owned subsidiary of NSC’s North American division. Its brand name and headquarters location will remain the same, according to a purchase plan from NSC.
The company expects to finalize the deal in the second or third quarter of 2024, pending approval by U.S. Steel shareholders and government regulators.
The company specifically cited recent U.S. legislative packages as creating favorable conditions for the purchase.
“The infrastructure bill and spending is expected to drive steel demand uptick moving forward,” NSC said, referring to the 2021 Infrastructure Investment and Jobs Act.
“Energy and manufacturing industries [will] return to the U.S. under changes in the world economy structure and cheap energy in the U.S.”
Sen. Dick Durbin (D-Ill.) told The Hill in an interview Tuesday he thought there was something “fundamentally troubling” about the merger and that he’s been concerned for years about the U.S. Steel’s production cuts.
“We have U.S. Steel facilities in Illinois, and we’ve been troubled by their announcements over the past several years of reducing production. They once led the world in production and now have fallen behind even in the United States, so there’s something fundamentally troubling about this situation,” he said.
The changing global economic conditions cited by NSC likely refer in part to a practice known as “near-shoring” or “friend-shoring,” which is the restriction and curtailment of global production pipelines prompted by the pandemic and the war in Ukraine.
Fears about an overreliance on Chinese production capacity during the pandemic has led to closer coordination among U.S. economic allies especially in the Asia-Pacific region, notably Japan, South Korea and Taiwan.
Rep. Ro Khanna (D-Calif.) told The Hill in a Tuesday interview that part of the corporate intention behind the deal is to boost Japanese exports of high-end steel while shifting US production to lower-end steel in states where companies don’t have to pay union wage rates.
“People need to understand the economics of what’s going to happen. What you’re going to allow Nippon to do is eliminate union jobs in Pennsylvania, Michigan, Ohio; send those jobs down South, move to mini-mills and get rid of blast furnaces; and have the blast furnace jobs, which are the high-end, high-specification steel, come from Japan. It is mind-boggling to me that we’re even considering approving something like this,” Khanna said.
“The Biden administration needs to stand up to a deal that is going to further erode good union jobs,” Khanna added.
The economic fallout from the pandemic has been catalyzing some longer-term tailwinds away from uniformly globalized production and toward increased domestic capacity, which may be another reason the U.S. Steel sale isn’t sitting well with lawmakers.
“We will unapologetically pursue our industrial strategy at home,” National Security Advisor Jake Sullivan said in a programmatic speech earlier this year on U.S. economic strategy.
Sullivan qualified his embrace of “industrial policy” — a doctrine of more centrally planning the economy that fell out of fashion in the mid-1970s — by saying that Asian allies and international partners would be a central part of this shift in strategy.
“Through our trilateral coordination with Japan and Korea, we are coordinating on our industrial strategies to complement one another, and avert a race-to-the-bottom by all competing for the same targets,” he said.
According to estimates by the World Steel Association industry group, the total production capacity of the combined entity would be nearly 59 million metric tonnes, pushing it up to the number three position of global steel producers.
Al Weaver contributed.
Business, Economy, Bob Casey, CFIUS, Dick Durbin, Jake Sullivan, Janet Yellen, Japan, JD Vance, joe manchin, Josh Hawley, Marco Rubio, mergers, Nippon Steel, Ro Khanna, Sherrod Brown, U.S. Steel, unions, United Steelworkers Lawmakers in both parties are up in arms about the $15 billion acquisition of U.S. Steel by Japanese Nippon Steel Corporation (NSC), warning the deal could threaten national security, shift steelworking jobs to low-wage states and undermine U.S. industrial capacity. In a letter sent Tuesday to Treasury Secretary Janet Yellen, Republican senators said Committee on…
Business
Why 9 Million Americans Have Left

The Growing American Exodus
Nearly 9 million Americans now live outside the United States—a number that rivals the population of several states and signals a profound shift in how people view the American dream. This mass migration isn’t confined to retirees or the wealthy. Thanks to remote work, digital nomad visas, and mounting pressures at home, young professionals, families, and business owners are increasingly joining the ranks of expats.

Rising Costs and Shrinking Wallets
Living in the US has become increasingly expensive. Weekly grocery bills topping $300 are not uncommon, and everyday items like coffee and beef have surged in price over the last year. Rent, utilities, and other essentials also continue to climb, leaving many Americans to cut meals or put off purchases just to make ends meet. In contrast, life in countries like Mexico or Costa Rica often costs just 50–60% of what it does in the US—without sacrificing comfort or quality.
Health Care Concerns Drive Migration
America’s health care system is a major trigger for relocation. Despite the fact that the US spends more per person on health care than any other country, millions struggle to access affordable treatment. Over half of Americans admit to delaying medical care due to cost, with households earning below $40,000 seeing this rate jump to 63%. Many expats point to countries such as Spain or Thailand, where health care is both affordable and accessible, as a major draw.

Seeking Safety Abroad
Public safety issues—especially violent crime and gun-related incidents—have made many Americans feel unsafe, even in their own communities. The 2024 Global Peace Index documents a decline in North America’s safety ratings, while families in major cities often prioritize teaching their children to avoid gun violence over simple street safety. In many overseas destinations, newly arrived American families report a significant improvement in their sense of security and peace of mind.
Tax Burdens and Bureaucracy
US tax laws extend abroad, requiring expats to file annual returns and comply with complicated rules through acts such as FATCA. For some, the burden of global tax compliance is so great that thousands relinquish their US citizenship each year simply to escape the paperwork and scrutiny.
The Digital Nomad Revolution
Remote work has unlocked new pathways for Americans. Over a quarter of all paid workdays in the US are now fully remote, and more than 40 countries offer digital nomad visas for foreign professionals. Many Americans are leveraging this opportunity to maintain their US incomes while cutting costs and upgrading their quality of life abroad.

Conclusion: Redefining the Dream
The mass departure of nearly 9 million Americans reveals deep cracks in what was once considered the land of opportunity. Escalating costs, inaccessible healthcare, safety concerns, and relentless bureaucracy have spurred a global search for better options. For millions, the modern American dream is no longer tied to a white-picket fence, but found in newfound freedom beyond America’s borders.
Business
Will Theaters Crush Streaming in Hollywood’s Next Act?

Hollywood is bracing for a pivotal comeback, and for movie lovers, it’s the kind of shake-up that could redefine the very culture of cinema. With the freshly merged Paramount-Skydance shaking up its strategy, CEO David Ellison’s announcement doesn’t just signal a change—it reignites the passion for moviegoing that built the magic of Hollywood in the first place.

Theatrical Experience Roars Back
Fans and insiders alike have felt the itch for more event movies. For years, streaming promised endless options, but fragmented attention left many longing for communal spectacle. Now, with Paramount-Skydance tripling its film output for the big screen, it’s clear: studio leaders believe there’s no substitute for the lights, the hush before the opening credits, and the collective thrill of reacting to Hollywood’s latest blockbusters. Ellison’s pivot away from streaming exclusives taps deep into what unites cinephiles—the lived experience of cinema as art and event, not just content.
Industry Pulse: From Crisis to Renaissance
On the financial front, the numbers are as electrifying as any plot twist. After years of doubt, the box office is roaring. AMC, the world’s largest theater chain, reports a staggering 26% spike in moviegoer attendance and 36% revenue growth in Q2 2025. That kind of momentum hasn’t been seen since the heyday of summer tentpoles—and it’s not just about more tickets sold. AMC’s strategy—premium screens, with IMAX and Dolby Cinema, curated concessions, and branded collectibles—has turned every new release into an event, driving per-customer profits up nearly 50% compared to pre-pandemic norms.
Blockbusters Lead the Culture
Forget the gloom of endless streaming drops; when films like Top Gun: Maverick, Mission: Impossible, Minecraft, and surprise hits like Weapons and Freakier Friday draw crowds, the industry—and movie fans—sit up and take notice. Movie-themed collectibles and concession innovations, from Barbie’s iconic pink car popcorn holders to anniversary tie-ins, have made each screening a moment worth remembering, blending nostalgia and discovery. The focus: high-impact, shared audience experiences that streaming can’t replicate.
Streaming’s Limits and Studio Strategy
Yes, streaming is still surging, but the tide may be turning. The biggest franchises, and the biggest cultural events, happen when audiences come together for a theatrical release. Paramount-Skydance’s shift signals to rivals that premium storytelling and box office spectacle are again at the center of Hollywood value creation. The result is not just higher profits for exhibitors like AMC, but a rebirth of movie-going as the ultimate destination for fans hungry for connection and cinematic adventure.

Future Forecast: Culture, Community, and Blockbuster Dreams
As PwC and others warn that box office totals may take years to fully catch up, movie lovers and industry leaders alike are betting that exclusive theatrical runs, enhanced viewing experiences, and fan-driven engagement are the ingredients for long-term recovery—and a new golden age. The Paramount-Skydance play is more than a business move; it’s a rallying cry for the art of the theatrical event. Expect more big bets, more surprises, and—finally—a long-overdue renaissance for the silver screen.
For those who believe in the power of cinema, it’s a thrilling second act—and the best seat in the house might be front and center once again.
Business
Why Are Influencers Getting $7K to Post About Israel?

Influencers are being paid as much as $7,000 per post by the Israeli government as part of an expansive and sophisticated digital propaganda campaign. This effort is designed to influence global public opinion—especially among younger social media users—about Israel’s actions in Gaza and to counter critical narratives about the ongoing humanitarian situation.

How Much Is Being Spent?
Recent reports confirm that Israel has dedicated more than $40 million this year to social media and digital influence campaigns, targeting popular platforms such as TikTok, YouTube, and Instagram. In addition to direct influencer payments, Israel is investing tens of millions more in paid ads, search engine placements, and contracts with major tech companies like Google and Meta to push pro-Israel content and challenge critical coverage of issues like the famine in Gaza.
What’s the Strategy?
- Influencer Contracts: Influencers are recruited—often with all-expenses-paid trips to Israel, highly managed experiences, and direct payments—to post content that improves Israel’s image.
- Ad Campaigns: State-backed ad buys show lively Gaza markets and restaurants to counter global reports of famine and humanitarian crisis.
- Narrative Management: These posts and ads often avoid overt propaganda. Instead, they use personal stories, emotional appeals, and “behind the scenes” glimpses intended to humanize Israel’s side of the conflict and create doubt about reports by the UN and humanitarian agencies.
- Amplification: Paid content is strategically promoted so it dominates news feeds and is picked up by news aggregators, Wikipedia editors, and even AI systems that rely on “trusted” digital sources.
Why Is This Happening Now?
The humanitarian situation in Gaza has generated increasing international criticism, especially after the UN classified parts of Gaza as experiencing famine. In this environment, digital public relations has become a primary front in Israel’s efforts to defend its policies and limit diplomatic fallout. By investing in social media influencers, Israel is adapting old-school propaganda strategies (“Hasbara”) to the era of algorithms and youth-driven content.
Why Does It Matter?
This campaign represents a major blurring of the lines between paid promotion, journalism, and activism. When governments pay high-profile influencers to shape social media narratives, it becomes harder for audiences—especially young people—to distinguish between authentic perspectives and sponsored messaging.

In short: Influencers are getting $7,000 per post because Israel is prioritizing social media as a battleground for public opinion, investing millions in shaping what global audiences see, hear, and believe about Gaza and the conflict.
- Business4 weeks ago
Disney Loses $3.87 Billion as Subscription Cancellations Surge After Kimmel Suspension
- Entertainment4 weeks ago
What the Deletion Frenzy Reveals in the David and Celeste Tragedy
- Entertainment4 weeks ago
Executive Producer Debut: How Celia Carver Created Festival Hit ‘Afterparty’
- Health4 weeks ago
Russia Claims 100% Success With New mRNA Cancer Vaccine
- News4 weeks ago
Body of Missing Teen Found in Tesla Linked to Musician D4vd
- Business3 weeks ago
Why Are Influencers Getting $7K to Post About Israel?
- Health4 weeks ago
Why Did Gen Z QUIT Drinking Alcohol?
- Business4 weeks ago
YouTube’s New Sponsorship Update Could Make Creators Richer