The United Steelworkers union expressed concerns about Nippon Steel’s latest proposal giving the US government veto power over any potential reductions in US Steel’s production capacity if the merger gets approval. The union, which opposes the merger, said Nippon’s offer fails to commit to sustaining production long-term or enhancing domestic capacity in integrated facilities.
The union stated, “Protecting capacity only means moth-balling our equipment, allowing it to rust away to the point that it is no longer feasible to restart.” Nippon Steel is offering this provision to secure President Joe Biden’s approval for acquiring the American steelmaker. The Committee on Foreign Investment in the United States (CFIUS) has referred the decision to approve or block the deal to Biden, who must decide by January 7th
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