Generally I like you have to say Doug thats why I follow you but what you didn't mention just like other MSM news articles don't is that Cliffs CEO Lorenzo has plans to invest in Broken US Steel.
I have met Cliffs CEO Lorenzo and I worked "under" US Steel. It is a horribly run company. Boys Club MIC All Military. It was guaranteed orders from the MIC. So lazy not competitive. Management Top down, Do what we say. So the bar is really low for any new owners to make positive improvements
Thanks A. Rock. I appreciate your insider perspective and insights. Yes, Lourenco seems to have plans to invest in U.S. Steel - I mean, how couldn't he, given how badly this company has been run into the ground. But he's also been very opaque about how much he plans to invest, while Nippon was very transparent about the amount they want to put in. But all that is besides the point; their bid was only $8.3 billion (in cash and stock) compared to Nippon's $14.9 billion, and the CEO has been in cahoots with the Biden administration to kill it. I absolutely agree with you when you say that U.S. Steel is such a badly run company that the bar is really low for any owners to make a positive impact. But it's 100% clear which deal would be better news for U.S. Steel shareholders, workers, and customers etc., and it's definitely not CLF.
Thank you for explaining this.
My pleasure, Al. Thank you for reading!
Neoliberalism is also hollowing out American military industrial capability.
Generally I like you have to say Doug thats why I follow you but what you didn't mention just like other MSM news articles don't is that Cliffs CEO Lorenzo has plans to invest in Broken US Steel.
I have met Cliffs CEO Lorenzo and I worked "under" US Steel. It is a horribly run company. Boys Club MIC All Military. It was guaranteed orders from the MIC. So lazy not competitive. Management Top down, Do what we say. So the bar is really low for any new owners to make positive improvements
Thanks A. Rock. I appreciate your insider perspective and insights. Yes, Lourenco seems to have plans to invest in U.S. Steel - I mean, how couldn't he, given how badly this company has been run into the ground. But he's also been very opaque about how much he plans to invest, while Nippon was very transparent about the amount they want to put in. But all that is besides the point; their bid was only $8.3 billion (in cash and stock) compared to Nippon's $14.9 billion, and the CEO has been in cahoots with the Biden administration to kill it. I absolutely agree with you when you say that U.S. Steel is such a badly run company that the bar is really low for any owners to make a positive impact. But it's 100% clear which deal would be better news for U.S. Steel shareholders, workers, and customers etc., and it's definitely not CLF.
Good inside info. I always wondered why US Steel does so poorly.