Business

Lawmakers push to stop ‘fundamentally troubling’ sale of US Steel on December 19, 2023 at 8:34 pm Business News | The Hill

Published

1 year ago

December 19, 2023

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

The Last of Us” Season 2: Cast and Creators Share Insights at SXSW

Published

2 days ago

March 9, 2025

Bolanle Media Staff

The cast and creators of the highly anticipated second season of “The Last of Us” gathered at SXSW to discuss the upcoming season. The panel featured cast members Pedro Pascal (Joel), Bella Ramsey (Ellie), Gabriel Luna (Tommy), Kaitlyn Dever (Abby), Isabela Merced (Dina), and Young Mazino (Jesse), along with co-creators Neil Druckmann and Craig Mazin.

Navigating Expectations and Surprising Fans

With the immense success of season one, Druckmann and Mazin acknowledged the pressure to deliver a worthy follow-up. Mazin emphasized their approach to cater to both fans of the game and newcomers to the series. “We try and think about the people who have played the game and make sure that we keep them on their toes and a little bit surprised,” Mazin stated. Druckmann highlighted the emotional weight of adapting “The Last of Us Part II,” emphasizing the dedication of the entire production team to doing justice to the source material.

A Glimpse into Season 2

Attendees were treated to a trailer for season two, offering a glimpse into the evolving relationship between Joel and Ellie five years after the events of the first season. Ramsey described the changed dynamic, hinting at a rift between the characters. Pascal added that their relationship is in “a different place” and that it is “fucking heartbreaking”.

Big Ideas: Tribalism, Love, and Loss

The creators delved into the central themes of season two, including tribalism, the destructive nature of love, and the consequences of loss. Druckmann explained that the season explores the complexities of community and the dehumanization that can occur when groups clash. Mazin emphasized the escalation of these themes, highlighting the potential for isolation and the lengths characters will go to protect their loved ones.

New and Expanded Characters

The panel also touched on new characters and expanded roles in season two. Gabriel Luna discussed Tommy’s evolution into a father, emphasizing how it solidifies his purpose and strengthens his commitment to protecting his family and community. The introduction of new characters like Gail, played by Catherine O’Hara, and the expansion of existing characters like Isaac, played by Jeffrey Wright, promise to add depth and nuance to the narrative. Additionally, the inclusion of Joe Pantoliano as Eugene, a character mentioned but not seen in the game, offers a rewarding experience for longtime fans.

Music as a Binding Force

Music continues to play a significant role in “The Last of Us,” particularly in the relationship between Joel and Ellie. Ramsey shared that music serves as a bonding experience for the characters, mirroring the connection between the actors on set. The guitar, a symbol of Joel’s promise to teach Ellie, takes on a more prominent role in season two.

Diving into the Game

The actors discussed their individual approaches to engaging with the source material. Kaitlyn Dever shared her experience playing the game with her father, while Young Mazino admitted to playing the second game up to a certain point.

How to Find More Free Events

SXSW Official Schedule: Use the SXSW website to filter for free events.
Eventbrite: Browse listings for unofficial SXSW events, many of which are free or low-cost.

Whether you’re a badge holder or not, SXSW 2025 offers something for everyone. From delicious food to live music and interactive experiences, there’s no shortage of fun to be had without spending a fortune. So, grab your friends and enjoy the best of Austin without a badge!

Bolanle Media covers a wide range of topics, including film, technology, and culture. Our team creates easy-to-understand articles and news pieces that keep readers informed about the latest trends and events. If you’re looking for press coverage or want to share your story with a wider audience, we’d love to hear from you! Contact us today to discuss how we can help bring your news to life

Business

No Badge? No Problem: Free SXSW Events

Published

2 days ago

March 9, 2025

Bolanle Media Staff

SXSW, one of the world’s most vibrant festivals, is underway in Austin, Texas, from March 7 to 15, 2025. While official badges can be pricey, there are plenty of free events and activities that allow everyone to join in on the fun without breaking the bank. Here’s a guide to some of the best free events at SXSW 2025:

Free Food and Drinks

Argentinian Barbecue at Tech N’ Fest
- Enjoy a fusion of Argentinian and Texas barbecue, along with complimentary wine and beer, at Buenos Cafe on March 7.

Love is Blind at Lucille
- Celebrate the fifth anniversary of Netflix’s “Love is Blind” with free coffee and cocktails at Lucille on Rainey Street.
Free Pastries and Non-Alcoholic Beer
- Handsome’s and Helium Mobile are hosting a gathering with free pastries and non-alcoholic beer, featuring DJ Jah Karma.
Mionetto Salone
- Experience Italian culture with free spritzes and Prosecco at the Mex-Ar Museum.

Interactive Experiences

Whataburger’s Museum of Art
- Explore hundreds of pieces of fan art and interactive features at Wanderlust Wine Co. on March 8-9.
Barbie Birthday Cake Mochi
- Enjoy free mochi ice cream at the SX Registrant booth from March 7 to 12.
Artisan Mercado@SXSW
- Discover local artisans and their wares at 419 Congress Ave. on March 7..

Music and Entertainment

Rolling Stone’s Future of Music Showcase
- Catch live music performances at ACL Live from March 11 to 14.

Taiwan Beats Day Party
- Enjoy Taiwanese hip-hop performances and cuisine at Seven on East 7th Street.
Something To Feel X SXSW Rnb Party
- Dance the night away at 612 W 4th St on March 7.

Networking and Community Events

K-Content Night 2025 @ SXSW
- Enjoy free dinner and drinks at Parlor & Yard on March 8.
SXSW Creator & Publisher Happy Hour
- Network with industry leaders at Chisos Boot Company on March 8.

How to Find More Free Events

SXSW Official Schedule: Use the SXSW website to filter for free events.
Eventbrite: Browse listings for unofficial SXSW events, many of which are free or low-cost.

Business

HRM Queen Shanta Lana Hereford Delivers Powerful Speech on Global Peace

Published

3 weeks ago

February 20, 2025

Bolanle Media Staff

New Delhi, India – February 16, 2025 – Her Royal Majesty Queen Shanta Lana Hereford, a distinguished global leader and advocate for peace and economic empowerment, was a special
guest speaker at an international event hosted by the EurAsia Afro Chamber of Commerce. The
hybrid event, aired live from New Delhi, India, gathered influential leaders, policymakers, and business executives from around the world to discuss global cooperation, economic diplomacy, and sustainable peace.

Queen Shanta delivered a compelling speech titled “Creating a Framework for a Global Peace Charter,” emphasizing the need for a justice-centered, faith-driven approach to global peace. She outlined a transformative vision, calling for governments, businesses, and faith leaders to unite to draft policies integrating equity, economic accountability, and environmental stewardship into global governance.

“The pursuit of peace is not just the absence of war; it is the presence of justice, dignity, and
opportunity for all, ” Queen Shanta stated. “We must move beyond just talking and establish
actionable frameworks that empower nations and communities to achieve lasting prosperity and peace.”

The EurAsia Afro Chamber of Commerce, under the leadership of its founder and chairman, Dr. Rohit Gupta, is dedicated to fostering economic and cultural collaboration between Africa, Asia, and Europe. The organization aims to create a strong, interconnected business network
bridging these regions, facilitating pathways for economic prosperity and diplomatic relations.
As a prolific leader within the African American diaspora and a global advocate for its
advancement, HRM Queen Shanta Lana Hereford is actively exploring opportunities for trade
and commerce between Africa, Asia, Europe, and other international communities.

Through her affiliations with organizations such as The African Diaspora Collective, The Atlanta Black Chambers, The Black Achievement Fund, The National Business League, The 10K Project, and many others, she is championing economic initiatives that build sustainable supply chains and foster strategic partnerships.

Her mission is to create economic opportunities for Black entrepreneurs and business leaders in America, who have historically been excluded from global trade discussions. By forging these international connections, Queen Hereford is working to ensure that Black communities in the U.S. not only have a seat at the table but play a key role in shaping the future of international commerce, economic empowerment, and global policy.

The event featured several other distinguished guests, including:
● Dr. Rohit Gupta: Founder and Chairman of the EurAsia Afro Chamber of Commerce,
Dr. Gupta has been instrumental in promoting cross-continental business relationships
and trade.
● H.E. Bishop Dr. Samsher Khan: Founder of the BSK Prayer Tower and IRKT, Bishop
Dr. Khan serves as a Peace Ambassador for the International Human Rights
Commission (IHRC) and holds the position of Asia’s Social Media Editor. He is dedicated
to promoting peace and spiritual well-being across communities.
● Madam Sadhvi Pragya Bharti: Sadhvi Pragya Bharti is a spiritual leader, humanitarian,
and national media panelist known for her advocacy of social and educational reforms
rooted in spirituality and justice.

The event underscored the importance of strategic economic partnerships as a tool for
peacebuilding, aligning with Queen Hereford’s global mission of self-determination and
economic sovereignty for Black and Indigenous communities worldwide.

As part of her continued advocacy, Queen Hereford urged global stakeholders to collaborate on
drafting a Global Peace Charter, organizing annual Global Peace Assemblies, and
implementing economic policies that uplift marginalized communities.

This event marks a significant milestone in international diplomacy, reinforcing the role of
economic and cultural cooperation in shaping a peaceful and prosperous future for all.

For media inquiries, interviews, or further information, please contact:
H.E. Roselyn Omaka
National Press Secretary, Nation of Cherut
Email: nps@nationofcherut.org
Phone: 281.301.5535