Mccormick’s Wall Street Buddies Are To Blame For Threats To Charleroi Jobs

300 Charleroi Steelworker Jobs At Risk After Nearly $230 Million Deal by Wall Street Firm

Keystone Newsroom: Dave McCormick’s Hedge Fund Made Bets Against American Steel Companies

PENNSYLVANIA — David McCormick is pretending to support workers in Charleroi, but in reality he’s the epitome of the Wall Street greed that is threatening Charleroi Steelworkers’ jobs. 

It’s all part of his record of prioritizing his own bottom line over people in western Pennsylvania, which includes screwing over Pennsylvania steelworkers by shorting American steel manufacturers and investing in U.S. steel’s overseas competitors.

Pennsylvania Democratic Party spokesperson TaNisha Cameron issued the following statement:

“David McCormick is the poster child for the kind of Wall Street greed that is threatening jobs in Charleroi. His desperate attempt to win favor with western Pennsylvanians will fall flat, because they know his record of betting against U.S. Steel and selling out American workers.” 

Read More About David McCormick’s Wall Street Record: 

• 300 Steelworker jobs in Charleroi are at risk after their plant was bought in a $230 million deal by a Wall Street private equity firm. The plant is facing closure a year after the quarter-billion dollar deal. 

David McCormick led Bridgewater Associates while it shorted the stock of American steel manufacturers and invested in foreign competitors.

• Bridgewater Associates shorted seven American owned steel companies for a combined value of $84 million when McCormick was the firm’s CEO in 2021.
• The firm also invested $4.6 million in Nippon Steel and $13.3 million in Chinese steel companies that dump cheap steel onto American soil in 2021.

McCormick defended greedy corporations that are ******* up prices on working families.

• “It’s not greedflation…[by] business people, it’s not because [they’re] greedy, it’s not because [they’re] price gouging.” [Pennsylvania Capital-Star, 12/4/23]

David McCormick made millions investing in U.S. Steel’s competitors.

• McCormick invested hundreds of thousands of dollars in U.S. Steel’s competitor.
• McCormick holds anywhere from $250,000 to $500,000 in ArcelorMittal.