Nippon Steel said that its planned acquisition of U.S. Steel for nearly $15 billion wouldn't cause layoffs or plant closures amid resistance from the Biden administration and unions.
Nippon Steel said Friday that its proposed $14.9 billion acquisition of U.S. Steel would not result in any layoffs or plant closures as the pending deal faces opposition from President Biden and scrutiny from unionized steelworkers . Japan-based Nippon Steel , which announced the proposed acquisition in December, released a statement about the deal that looked to address the political concerns of the president and the United Steelworkers union about its potential impact on workers.
Steel will share their world-leading technologies and manufacturing capabilities to be at the forefront of innovation and digital transformation in steelmaking for the benefit of our customers." US STEEL WORKERS OUTRAGED OVER BILLION-DOLLAR DEAL ‘SELLING OUT’ EMPLOYEES TO A FOREIGN ENTITY Nippon Steel's statement also referenced the company's history of operating its own facilities in the U.S. and its work with American companies in the steel industry supply chain.
Nippon Steel U.S. Steel Acquisition Layoffs Plant Closures President Biden Unionized Steelworkers
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