United Steelworkers Raise Alarm Over Nippon Steel's Merger Proposal

The United Steelworkers union expressed concerns about Nippon Steel’s latest proposal that gives the U.S. government veto power over any potential reductions in U.S. Steel’s production capacity, if they get the approval to merge.

The union, which has opposed U.S. Steel’s merger with the Japanese steel giant, said Nippon’s offer fails to commit to sustaining production over the long term or enhancing domestic capacity in integrated facilities. “Protecting capacity only means moth-balling our equipment, allowing it to rust away to the point that it is no longer feasible to restart,” the union said in a statement on its website on Thursday.On Tuesday, reports said Nippon Steel made a proposal to give the government a final say over any potential production cuts, as part of its efforts to secure President Joe Biden’s approval for acquiring the American steelmaker.

The Committee on Foreign Investment in the United States has referred the decision to approve or block the deal to Biden, who must decide on the deal by Jan. 7.U.S. Steel and Nippon Steel did not immediately respond to Reuters’ requests for comments.

Nederland Laatste Nieuws, Nederland Headlines

Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.

Nippon Steel is committed to acquisition of U.S. Steel, aims to close in December, executive saysNippon Steel Vice Chairman Takahiro Mori said there is ‘no global strategy without the U.S.’
Bron: globeandmail - 🏆 5. / 92 Lees verder »

Nippon Steel's U.S. Acquisition Faces Political HurdlesDespite a winning bid and promises of investment, Nippon Steel's acquisition of U.S. Steel faces strong political opposition from both outgoing and incoming U.S. presidents.
Bron: globebusiness - 🏆 31. / 66 Lees verder »