Integrated steel producer manufacturing flat-rolled and tubular steel products across North America.Yahoo Finance ↗ussteel.com ↗
2 takes · first discussed May 31, 2025
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Chamath is bullish on the Nippon Steel / US Steel deal structure as a model of strategic government partnership with a golden vote, arguing it positions the company on the 'forward foot' similar to national champions in Brazil, UK, and China.
Sacks argues steel production is a strategic industry that must be reshored, justifying government subsidies and protection for national security reasons, implicitly supporting the US Steel deal.
Both Chamath and Sacks take a broadly supportive, strategically-minded stance toward US Steel, though from somewhat different angles. Sacks emphasizes the national security imperative of domestic steel production, arguing the US must maintain capacity in steel, aluminum, and rare earths even if it means departing from free-market principles. Chamath focuses on the structural mechanics of the Nippon Steel deal, framing government golden-vote equity stakes as a model worth replicating — one that keeps the company on the "forward foot" rather than treating it as a stranded asset in need of rescue. The two hosts broadly agree that steel is strategically critical and warrants government intervention, with no meaningful disagreement between them on the core thesis.
Chamath is bullish on the Nippon Steel / US Steel deal structure as a model of strategic government partnership with a golden vote, arguing it positions the company on the 'forward foot' similar to national champions in Brazil, UK, and China.
I think this is a really important example of things that we need to copy... if the president is creating a more expansive idea beyond US Steel with this idea of US support, maybe there'll be preferred capital in the future to US Steel.”1:17:45
Sacks argues steel production is a strategic industry that must be reshored, justifying government subsidies and protection for national security reasons, implicitly supporting the US Steel deal.
steel production is definitely strategic. Steel, aluminum, and I'd say the rare earths, we have to have that capacity. We cannot be completely dependent on China for our supply chain. So some of these industries have to be reshored, and if”1:21:43