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Nippon Steel's $14.9 Billion Acquisition of U.S. Steel Faces Opposition from President Biden and Unionized Steelworkers

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Nippon Steel said that its planned acquisition of U.S. Steel for nearly $15 billion wouldn't cause layoffs or plant closures amid resistance from the Biden administration and unions.

Nippon Steel said Friday that its proposed $14.9 billion acquisition of U.S. Steel would not result in any layoffs or plant closures as the pending deal faces opposition from President Biden and scrutiny from unionized steelworkers. Japan-based Nippon Steel, which announced the proposed acquisition in December, released a statement about the deal that looked to address the political concerns of the president and the United Steelworkers union about its potential impact on workers.

Steel will share their world-leading technologies and manufacturing capabilities to be at the forefront of innovation and digital transformation in steelmaking for the benefit of our customers." US STEEL WORKERS OUTRAGED OVER BILLION-DOLLAR DEAL ‘SELLING OUT’ EMPLOYEES TO A FOREIGN ENTITY Nippon Steel's statement also referenced the company's history of operating its own facilities in the U.S. and its work with American companies in the steel industry supply chain.

 

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