Editor's Pick
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Three U.S. senators, including the delegation from U.S. Steel's home state of Pennsylvania, are urging the Biden administration to take "urgent" executive action to block U.S. Steel's proposed $14.9 billion sale to Nippon Steel, expressing fears over the future of protective tariffs.
Sens. Sherrod Brown, D-Ohio, Robert Casey Jr., D-Pennylvania, and John Fetterman, D-Pennsylvania, wrote a letter last week to Secretary of the Treasury Janet Yellen, Secretary of Commerce Gina Raimondo, and Ambassador Katherine Tai asserting that the sale would destabilize the trade enforcement system meant to protect American industry and workers. They pointed to Nippon Steel's history of dumping steel products in the United States, saying it posed "a clear conflict with our ability to continue to defend our domestic steel industry."
They pointed to existing U.S. anti-dumping tariffs on Japanese imports of welded large diameter line pipe, tin mill products, stainless steel wire rod, stainless steel sheet and strip in coils, stainless steel bar, diffusion-annealed nickel-plated fat-rolled steel products, cold-rolled steel fat products, certain hot-rolled steel fat products, carbon steel but-weld pipe fittings, carbon and alloy steel cut-to-length plate and carbon and alloy seamless standard, line and pressure pipe.
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"For decades, the International Trade Commissions has issued numerous antidumping and countervailing duty orders against Japanese steel makers. The rulings against Japanese steel companies include numerous rulings against Nippon Steel: nickel plated flat rolled steel (multiple times), cold rolled steel, hot-rolled flat steel (multiple times), and corrosion resistant steel products among others," they wrote in the letter. "In each of these cases, Nippon Steel was found to be dumping steel products in the U.S. market at unfair prices, costing workers their jobs in places like our states. Trade enforcement depends not only upon the professionals working at the ITC but also the cooperation of the American steel industry. It is only by coming together that the domestic industry can curb the behavior of bad actors in the global steel industry. It is essential to the mission of the ITC to examine harmful trade practices by foreign actors."
U.S. Steel was going about its business last year when rival Cleveland-Cliffs made an unsolicited offer to buy it for $7.3 billion, a 43% premium over its stock price at the time, in a bid to consolidate the integrated steel industry.
U.S. Steel rejected the offer and put itself on the open market rather than face a hostile takeover bid. Cleveland-Cliffs raised its bid to $35 a share and then $54 a share but was outbid by Nippon's offer of $55 a share.
Nippon and U.S. Steel have touted the sale as best for all parties. Nippon said it would plan no layoffs or plant closures and would operate U.S. Steel as a U.S. subsidiary, allowing it to keep its headquarters in Pittsburgh, name and brand. Nippon would keep the collective bargaining agreements in place and become one of the largest steel companies in the world.
The two steel companies said a merger would mean more capital and better technology for U.S. Steel, safeguarding its longtime sustainability in an increasingly global industry that the United States long dominated before becoming relegated to a smaller role.
The senators raised concerns that the acquisition would hurt U.S. steelmakers' efforts to protect themselves from steel dumping through the International Trade Commission. They warned Nippon could undermine trade cases "from the inside."
"Foreign steel companies, such as Nippon, seek to gain any advantage they can when competing with the US and, as such, future ITC rulings could be impeded by the Nippon’s acquisition of U.S. Steel. This could happen in several ways," the senators wrote. "First, U.S. Steel could refuse to participate in an investigation by declining to provide essential data supporting a case to the ITC. This interferes with the ITC’s ability to assess the full scale of damage being done to U.S. industry and can lead to results where damage is underestimated. Second, U.S. Steel could choose to exit a market with little explanation – limiting relief available. These concerns are not hypothetical as the ITC has documented how U.S. Steel, once Nippon announced its plans to acquire it, changed its behavior in the tin mill suit. Specifically, the ITC documented that U.S. Steel declined to provide critical data and exited a market without explanation – actions that undermined the very suit U.S. Steel helped to bring."
A look back at Northwest Indiana businesses that closed in 2023
A look back at Region businesses that closed in 2023
Local News
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- Joseph S. Pete
- Updated
Beer Geeks, one of the Region's first, most beloved and most influential craft beer bars, closed after more than a decade and is being reimagined as a new concept.
Local News
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88-year-old White Castle in Whiting, one of Chicago area's first, coming down to be replaced with new restaurant
- Joseph S. Pete
- Updated
The landmark 88-year-old castle-shaped White Castle in Whiting is coming down to be replaced with a newer, larger, more modern White Castle restaurant.
Local News
Editor's Pick
Silver Bullet Bar in downtown Crown Point closes
- Joseph S. Pete
A longtime staple in downtown Crown Point poured its last drink.
Local News
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Westforth Sports gun shop in Cal Township closing after 66 years
- Joseph S. Pete
The longtime Westforth Sports gun shop is closing.
Local News
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Lansing plant to close, laying off 274 workers
- Joseph S. Pete
The Silver Line Building Products plant at16801 Exchange Ave. will be shuttered permanently.
Localbusinesses
Highland's Brewfest to pour last beer, eying move to Lowell
- Joseph S. Pete
Brewfest in Highland will close in what's been called "an end of an era."
Local News
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David's Bridal files for bankruptcy, could close all stores
- Joseph S. Pete
- Updated
David's Bridal filed for bankruptcy and could close all stores if no buyer emerges to save it.
Whiting News
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88-year-old Whiting White Castle will end up on display in museums in Illinois and Indiana
- Joseph S. Pete
- Updated
The 88-year-old Whiting White Castlewill be remembered with displays at museums in two different states.
Local News
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88-year-old Whiting White Castle serves last sliders to nostalgic crowd
- Joseph S. Pete
- Updated
For years, the "millionaire's club" met every morning in the corner booth of the historic 88-year-old White Castle at Indianapolis Boulevard and 119th Street in downtown Whiting. The landmark restaurant served its final slider Tuesday.
Local News
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- Joseph S. Pete
- Updated
One of Northwest Indiana's most popular and enduring hobby shops is looking for a buyer after the longtime owner died.
Local News
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- Joseph S. Pete
- Updated
J&L This N That Consignment Shop, a popular thrift store, closed in downtown Whiting after a run of several years.
Local News
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Calumet Fisheries temporarily closed after failing health inspection
- Joseph S. Pete
A Calumet Region institution, Calumet Fisheries on the far South Side of Chicago, is temporarily closed after failing a city health inspection.
Local News
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Calumet Fisheries suffers fire shortly after reopening after health inspection closure
- Joseph S. Pete
Just days after reopeningafter city health inspectors shut it down, Calumet Fisheries suffered a major fire.
Local News
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Pepe's Mexican Restaurant is no mas in Valparaiso after 43 years
- Joseph S. Pete
Pepe's Mexican Restaurant is no mas in Valparaiso.
Local News
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Former Beer Geeks bar closes after rebranding
- Joseph S. Pete
Beer Geeks in Highland rebranded as B-Side Bar & Lounge and then closed within a few months.
Business
Top Story Urgent
Bed Bath and Beyond to close Valparaiso store and multiple Chicagoland locations, leaving just one Region location left
- Joseph S. Pete
- Updated
Troubled retailerBed Bath and Beyond will permanently close its Valparaiso location as it shutters more stores nationwide as it looks to restructure and shrink its footprint to save the struggling business.
Local News
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Peoples Bank closes downtown Hammond branch
- Joseph S. Pete
- Updated
Peoples Bank has shuttered its branch in downtown Hammond.
Business
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Viking Artisan Ales to close Merrillville taproom
- Joseph S. Pete
Viking Artisan Ales will soon pour its last craft beer at its Merrillville taproom.
Local News
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- Joseph S. Pete
Old Chicago Pizza & Taproom is closing after 15 years at one of Northwest Indiana's most prominent highway interchanges.
Local News
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Walmart closing Homewood store
- Joseph S. Pete
- Updated
Walmart is closing its big-box store in Homewood.
Local News
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Chicago Auto Show returns with smaller footprint, no Camp Jeep track
- Joseph S. Pete
The Chicago Auto Show, the nation's largest auto show, returns to McCormick Place Saturday, running through Feb. 19.
Local News
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Munster-based Land O'Frost laying off 215 workers in Chicago
- Joseph S. Pete
Munster-based Land O'Frost, the packaged lunchmeat giant, is laying off 215 workers in Chicago and shuttering a plant it acquired two years ago.
Local News
Urgent Editor's Pick
Ginuwine to trot out hits like 'Pony' at Festival of the Lakes
- Joseph S. Pete
Ginuwine will trot out hits like "Pony" at Festival of the Lakes.
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Joseph S. Pete
Business Reporter
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