US Steelworkers' union criticizes Nippon Steel for lack of long-term commitment

From Investing.com: 2025-01-02 18:55:50

The United Steelworkers union expressed concerns about Nippon Steel’s proposal to give the U.S. government veto power over potential production cuts in U.S. Steel’s merger. The union believes the offer fails to commit to sustaining production long-term or enhancing domestic capacity, calling it a “Hail Mary” pass. Nippon Steel made the proposal to secure President Biden’s approval for acquiring U.S. Steel, a deal clinched in 2023 but facing opposition from the union and politicians. U.S. Steel insists the merger is crucial for its future success. The decision to approve or block the deal has been referred to Biden, who must decide by Jan. 7, or the merger will automatically proceed. Nippon Steel has not responded to requests for comments.



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