-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.
"Protecting capacity only means moth-balling our equipment, allowing it to rust away to the point that it is no longer feasible to re-start," 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 truth remains that this transaction is the best way to ensure that U.S. Steel, including its employees, communities, and customers, will thrive well into the future," U.S. Steel said on Thursday in response to the union's statement.
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