My latest essay for the Minnesota Reformer is out today: “Steelworkers strike back; Cleveland-Cliffs stands to gain.”
I’ve already written a few pieces about the proposed merger of U.S. Steel and Nippon and given some interviews on local TV. In both cases, I surmised that Nippon would face flak in taking over the Steel Corporation, but that the deal would likely prevail because of the desire of U.S. Steel stockholders to cash out.
I’m now seeing far more indications that the deal could fall apart entirely in the face of a uniquely unified opposition. And while that’s the outcome the union wants, I argue there are enormous economic risks to one company taking over most of the country’s steelmaking and nearly all of the nation’s iron mining. Workers will bear the brunt of those risks.
Read more at the Minnesota Reformer.
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