Arbitration board gives green light to US Steel-Nippon Steel merger over union's objections
Published On Sep 25, 2024, 4:51 PM
Nippon Steel's acquisition of U.S. Steel has received a green light from an arbitration board, which ruled that the deal meets labor agreement requirements despite opposition from the United Steelworkers (USW) union. The arbitration board confirmed that Nippon Steel will recognize the USW and honor agreements made by U.S. Steel. However, the deal is still pending regulatory review by the Committee on Foreign Investment in the U.S. (CFIUS), which is assessing national security implications. U.S. Steel's CEO expressed optimism about the transaction, stating it would benefit employees and communities, while the USW remains critical and intends to continue opposing the merger. If the deal falls through, U.S. Steel has indicated it may have to close some of its steel plants.
Stock Forecasts
X
Positive
With the arbitration hurdle cleared, the merger is more likely to proceed unless significant issues arise during CFIUS review. If completed, this could enhance the stability and investment in U.S. Steel, potentially boosting its stock value.
Related News
Arbitration board gives green light to US Steel-Nippon Steel merger over union's objections
Sep 25, 2024, 4:51 PM
Nippon Steel's bid to buy U.S. Steel was given the green light by an arbitration board tasked with reviewing the United Steelworkers union's complaints with the transaction.
Harris and Trump are offering radically different visions of manufacturing — and how the government can help in 2025
Sep 25, 2024, 7:37 AM
Kamala Harris and Donald Trump are using dueling speeches this week to position themselves as the candidate of manufacturing, but both are promising to help in nearly opposite ways.
U.S. Steel C.E.O. Says Nippon Deal Will Strengthen National Security
Sep 17, 2024, 3:53 PM
David Burritt expressed confidence that the sale of the American manufacturer to a Japanese owner would close “on its merits” despite bipartisan backlash.