Letter to the editor: US Steel and what ails corporate America

Now that U.S. Steel is in the news with its impending sale, let’s take a look at the reasons why it is a poster child for what ails American corporations.

First is the corrupting influence of lobbies. Because of the steel industry’s decades-long lobbying, the companies have received billions of dollars, our tax dollars, in state, local and federal subsidies and bailouts. This lobbying reached its zenith during the Trump years with the imposed duties on imports. The American people end up paying a price for these subsidies.

Factor in their exemptions from environmental regulations. Mon Valley residents continue to this day to pay the price of the industry’s pollution.

Then there is the staggering wage inequality. U.S. Steel’s CEO compensation is almost $19 million. That is 345 times the pay of the average Pennsylvania steel mill worker’s $55,000. This obscene wage inequality is incompatible with democracy. This is what causes revolutions and autocracies.

Finally, there are the destructive results of stock buybacks. Instead of using cash to lower prices for the consumer, invest in the company, clean up their pollution or increase wages, U.S. Steel spent $1.2 billion in the last two years on stock buybacks which benefit Wall Street, shareholders and upper management.

We the middle class need better regulations to protect us from the excessive greed of our captains of industry.

Joanne Garing

North Huntingdon