Keystone Newsroom: “Federal Tax Forms from 2021 Show Bridgewater Associates Shorted Seven American Steel Manufacturers, Including US Steel”
Bernie Hall, PA Director for USW: “McCormick is Running to be a Typical Politician, and in His Private Life, He’s Made Money Betting Against American Steel Workers”
PENNSYLVANIA — Connecticut hedge fund executive and mega-millionaire David McCormick’s job killing record is back in the spotlight after a new report from Keystone Newsroom caught him making multi-million dollar bets against American steel companies.
Keystone Newsroom: Dave McCormick’s hedge fund made bets against American steel companies
- …tax documents filed with the US Department of Labor shows that Bridgewater Associates, one of the largest hedge funds in the world, shorted seven American owned steel companies for a combined value of $84 million when McCormick was the firm’s CEO in 2021. McCormick served as the company’s President from 2009 to 2020 and CEO from 2020 to to 2022.
- Bridgewater Equity Fund bet against Carpenter Technology, Cleveland-Cliffs, Commercial Metals, Nucor, Reliance Steel & Aluminum, Steel Dynamics, and US Steel. Cleveland Cliffs employs over 2,800 hundred workers in Pennsylvania while Bridgewater was betting against the company.
- While Bridgewater Associates was betting on the demise of American owned steel companies, they were investing in foreign competitors. The firm invested $4.6 million in Nippon Steel and $13.3 million in Chinese steel companies that dump cheap steel onto American soil in 2021.
- “I think that Dave McCormick is running to be a typical politician, and in his private life, he’s made money betting against American steel workers and American steel companies,” Bernie Hall, the Pennsylvania Director for the United Steelworkers (USW), said in an interview.
- Hall, a fourth generation steelworker, said McCormick’s remarks and actions were “insulting” and “infuriating.”
- “He doesn’t really care about US Steel being sold in Nippon. I mean, he’s shown that you don’t have to listen to his words, look at his actions and how he’s made his money over the years,” Hall said.
- “To have someone so blatantly, obviously pandering for votes at a time when people were so concerned about not just their jobs, but the future of those Mon Valley communities, it’s infuriating.”
- McCormick’s campaign refused to provide comment for this story.
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