financetom
Business
financetom
/
Business
/
U.S. Steel union rejects Nippon Steel's appeal for takeover support
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
U.S. Steel union rejects Nippon Steel's appeal for takeover support
Apr 2, 2024 12:21 PM

April 2 (Reuters) - The union representing employees of

United States Steel ( X ) on Tuesday said it would not support

Japanese firm Nippon Steel's ( NISTF ) draft agreement to gain

support for its takeover of the U.S. company.

In December, Nippon agreed to buy U.S. Steel for roughly $15

billion but the deal faces an uphill battle to approval amid

bipartisan opposition in a U.S. election year.

The United Steelworkers (USW) union said that it received a

letter along with a draft agreement from Nippon Steel ( NISTF ) on March

27.

The USW said that while Nippon has made several commitments,

including not laying off employees through Sept. 1, 2026 and

defending U.S. Steel against unfair foreign trade, the letter

"does not provide a meaningful basis for a resolution of the

ongoing dispute."

The March 27 proposal ignores a previous letter sent by the

USW about the specific actions that Nippon would be required to

take to gain its support, the USW added.

The union added that it is open to meeting with Nippon Steel ( NISTF )

officials to discuss the status of the transaction in the coming

weeks.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2026 - www.financetom.com All Rights Reserved