06:10 PM EDT, 04/02/2024 (MT Newswires) -- (Corrects US company name and statement attribution in first paragraph and timing of USW statement to members in the second paragraph.)

The United Steelworkers dismissed a proposal from Nippon Steel to protect jobs at US Steel (X) after it buys the steelmaker, calling it a "pack of empty promises," Bloomberg reported Tuesday, citing a statement by two senior union executives.

USW President David McCall and USW Negotiating Committee Chairman Mike Millsap said in a statement to members posted Tuesday on the union's website that Nippon's commitments were phrased in a way that would release the company from following through on its promises, Bloomberg reported.

"Our union sees through Nippon's proposal and will not support the transaction in exchange for a pack of empty promises," the letter said, according to Bloomberg.

The companies and the union didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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