Vice President Harris on Monday said she opposes the merger between U.S. Steel and Nippon Steel, joining President Biden and her electoral rival, former President Trump. Harris made her first comments about the steel merger at a Labor Day rally in Pittsburgh on Monday with Biden in attendance. "The president mentioned it: U.S. Steel is a historic American company, and it is vital for our nation to remain strong American steel companies," Harris said after her introduction by Biden.
The proposed $14.9 billion acquisition of U.S. Steel by Nippon Steel has drawn criticism from the United Steelworkers union, which argues that Nippon Steel hasn't made enough of a commitment to keeping open mills where its members are employed. Nippon Steel has said it would uphold the union's current contract and wouldn't pursue layoffs or facility closures as a result of the transaction, and last week it nearly doubled its commitment to invest in revitalizing some aging U.S.
spokesperson for U.S. Steel told FOX Business that it will be a "much stronger company as a result of the transaction with Nippon Steel, and the American steel industry will be more globally competitive." "Nippon Steel has committed to investing nearly $3 billion in our union-represented facilities. These investments would be truly transformative, securing jobs for generations of steelmakers in Western Pennsylvania and represent an influx of capital that U.S.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FoxBusiness - 🏆 458. / 53 Read more »