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
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
Business
Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.
Business
Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work
For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.
Tech’s Iron Grip: ATS and AI Gatekeepers
Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.
AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.
The Experience Trap: Entry-Level Jobs Require Years
It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.
One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.
Burnout Before Day One
The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.
Cultural Collapse: From Relationships to Algorithms
What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.
AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.
The Ghost Job Phenomenon
Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.
Not Lazy—Just Locked Out
Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

What’s Next? Back to Human Connection
Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.
Key Facts:
- 25% of Harvard MBAs unemployed, highest on record
- Only 30% of 2025 grads nationwide have jobs in their field
- Nearly half of grads feel unprepared for real work
- Up to 50% of entry-level listings are “ghost jobs”
- AI and ATS have replaced human judgment at most companies
If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.
This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.
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