Sept 25 (Reuters) - U.S. Steel said on Wednesday
the board of arbitration has ruled in favor of Nippon Steel's ( NISTF )
$14.9 billion buyout of the company, but the United
Steelworkers union disagreed with the decision.
The board, jointly selected by the company and the union to
settle disputes, ruled that U.S. Steel had satisfied each of the
conditions of the successorship clause of its basic labor
agreement with the USW.
"The arbitrators accepted at face-value Nippon Steel's ( NISTF )
statement that it would assume the Basic Labor Agreement," USW
said.
The union said the decision did not change its opposition to
the deal.
Japan-based Nippon Steel ( NISTF ) did not immediately respond to a
request for comment.
The deal has faced political opposition since it was signed
last December. Democratic presidential candidate Kamala Harris
and her Republican challenger Donald Trump have supported U.S.
Steel remaining American owned.
Nippon Steel ( NISTF ) had paid a hefty premium to clinch the deal for
U.S. Steel on bets it could benefit from U.S. President Joe
Biden's infrastructure spending bill.
Earlier this month, U.S. Steel warned that a failure to
conclude the deal would put thousands of U.S. union jobs at risk
and signaled that it would close some steel mills and
potentially move its headquarters out of the politically
important state of Pennsylvania.