Business
Nippon Buying US Steel for $14.1 Billion
Nippon Steel Corp. will buy United States Steel Corp. for $14.1 billion to create the world’s second-largest steel company and the biggest outside of China with a key role in supplying American manufacturers and automakers. US Steel rejected a $7.25 billion offer from rival Cleveland-Cliffs in August. Bloomberg’s Simone Foxman reports.
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Gil Luria, D.A. Davidson technology and research head, says the fundamentals are still looking good for semiconductor and AI-related stocks. He speaks on “Bloomberg The Close.”
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On today’s show, TSMC posted quarterly profit that beat estimates by a significant margin, highlighting robust global demand for AI computing. The main chipmaker for Nvidia and Apple reported second quarter net income of $22 billion, while revenue rose 36%.
The US completed another round of attacks on Iran, that it says were intended to degrade the country’s ability to attack ships in the Strait of Hormuz. President Trump has pledged to intensify bombardment and claims Tehran is seeking more talks after the US strikes degraded its missile and drone capabilities.
And incoming UK Prime Minister Andy Burnham is reportedly set to name Home Secretary Shabana Mahmood as his Chancellor. This according to reports in newspapers including the Financial Times. A spokesperson for Burnham says no final decision has been made.
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Chipotle Mexican Grill, under the leadership of CEO Scott Boatwright, is set to open its first restaurant in Mexico later this week, marking a significant milestone in the company’s international growth. The initial location will be in Monterrey, with plans to expand to Mexico City by 2027. Boatwright emphasized the importance of Mexico to Chipotle’s global strategy, highlighting the brand’s respect for Mexican culinary heritage and its focus on fresh, same-day prepared ingredients. He speaks with Romaine Bostick & Katie Greifeld on “The Close.”
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TSMC posted quarterly profit that beat estimates. The main chipmaker for Nvidia Corp. and Apple Inc. reported a rise in net income for the June quarter to NT$706.6 billion ($22 billion), surpassing the average estimate of NT$623.7 billion. The steady growth highlights the company’s central role in producing the vast majority of the world’s most advanced chips for data centers and smartphones. Bloomberg’s Stephen Engle reports.
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SpaceX’s record-setting IPO gave public investors access to one of the world’s most valuable companies, but not equal voting rights. CEO Elon Musk holds just over 40% of the company’s equity while controlling more than 80% of the vote. IPO adviser Lise Buyer says dual-class shares can protect founders from short-term market pressure, but Harvard Law School’s Lucian Bebchuk warns that SpaceX’s structure goes much further, raising risks around accountability, succession, conflicts of interest, and shareholder value. Some investors, including Danish pension fund AkademikerPension, have already rejected the stock over what they call “catastrophic governance,” turning SpaceX into a test case for how much control public markets are willing to give superstar founders.
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@mitsuyamaeda-sub
December 29, 2023 at 1:49 am
The acquisition of US Steel by Nippon Steel would be too burdensome for Japan, as it would put Japan directly involved in America's military industry.
@joetriolo9161
December 29, 2023 at 1:49 am
Corporate greed never takes a holiday. Oh boy, look at the stock price…forget the national security implications and screw the workers…this is shameful and is also a big test for "Union Joe" to step up and walk the walk. If this admin allows this deal to go forward it shows their contempt for their constituents and is a wake-up call to working people telling them you don't matter to them but, hey, Orange Man Bad so step into that voting booth and vote blue. Not.
@boxscorewatcher413
December 29, 2023 at 1:49 am
America getting rekt
@itsabar
December 29, 2023 at 1:49 am
lyers they’re all lyers
@overeasy4175
December 29, 2023 at 1:49 am
"Go Green" politicians made it impossible to make steel with coal in America. Now when outside countries by up those American companies, just for their technologies. Those same exact "go green" politicians run out to a camera to show outrage.
@atkim122
December 29, 2023 at 1:49 am
Nippon: "Michael, we're bigger than US Steel."
@trent7698
December 29, 2023 at 1:49 am
Japan is our ally and they are better that Chinese CCP
@matthewsmith988
December 29, 2023 at 1:49 am
The United States is for sale. It's a global economy. The higher ups already have homes in other countries. They do not care about the future or the past of the United States.
@johnchieze530
December 29, 2023 at 1:49 am
the ultimate job of the ceo and board of directors is to enhance shareholder value, not produce jobs or increase wages which is the responsibility of the fed. in the past 2 years i've watched my holdings of u.s. steel climb from $5/share to $49 -yowzah! pray that the current occupant of the white house okays this, but i can't wait for trump to re-take the helm in 2025
@danielcadnum7214
December 29, 2023 at 1:49 am
What about national security? Isn’t US Steel one of the last US owned steel companies? How things have changed in a century. Those mills built the WWII steel used in the ships to defeat Japan. Amazing 😮
@33Treez
December 29, 2023 at 1:49 am
Myro on Solana!!
@33Treez
December 29, 2023 at 1:49 am
CryptoXr France… Ecomi $OMI what's the famous quote??? "get in early"??
@mopthermopther
December 29, 2023 at 1:49 am
This is a big deal.
@RWROW
December 29, 2023 at 1:49 am
Sounds like the end of an era.