This is the best summary I could come up with:

China’s Baowu Group, a state-owned iron company based in Shanghai, churned out nearly 120 million metric tons of steel in 2021.

“The transaction builds on our presence in the United States and we are committed to honoring all of U. S. Steel’s existing union contracts,” Nippon President Eiji Hashimoto said in a prepared statement.

Nippon said Monday that it will honor all collective bargaining agreements in place with the United Steelworkers and other employees, and is committed to maintaining its relationship with workers.

“We also 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 added.

During the late 1970s and early 80s — amid an energy crisis and multiple recessions — U.S. Steel cut production and spun off many of its other businesses.

With oversupply and an influx of lower-priced steel imports dragging down prices into the new century, the company reorganized in 2001 and separated its energy business, which became Marathon Oil Corp.

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