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Management’s offer would not allow the miners’ pay to keep pace with the inflation their allies are causing while these elites profit big from these blue-collar workers’ labor.
On Nov. 4, New York City police arrested a group of coal miners peacefully protesting outside the Manhattan headquarters of BlackRock, the biggest financial asset manager in the United States. The demonstrators were there because of a bitter strike by the United Mine Workers of America (UMWA) that began last April against Warrior Met Coal, Inc., which mines non-thermal metallurgical, or “met,” coal in Brookwood, Alabama.
Warrior Met is a leading U.S.-based producer and exporter of met coal. It describes itself as an “environmentally and socially minded supplier to the global steel industry.”
BlackRock holds a roughly 14 percent stake in Warrior Met , making it one of the major shareholders in the company. (Other large asset managers, including Vanguard and Fidelity, also own large blocks of Warrior Met stock ). The demonstrating miners targeted BlackRock, along with other large institutional owners of Warrior Met, because its holdings in the company give it the leverage to force management to end the strike, which management has so far shown no signs of wanting to do.
The arrest of the Alabama coal miners outside BlackRock’s headquarters is a parable of contemporary America. Here’s why. Why Blackrock Matters
Although hardly a household name, BlackRock is among the top five owners in almost every major global company. Thus, it holds one of the top five voting blocs of shares in each of those companies.
BlackRock has shown no hesitation in muscling corporate management in the past. Its CEO and founder Larry Fink issues a letter every year to the CEOs of corporate America, laying down the instructions he expects them to follow.
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When Fink speaks, corporate America listens. For example, massive oil producer Exxon is considering dropping several drilling projects after BlackRock forced out Exxon board members and installed new ones in their place. If BlackRock can roll Exxon, it can roll Warrior Met. Why the Strike?
The main objectives of the strike are to recover some of what the UNMA […]
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They’re Trying to Shut Us Down
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