An arbitration board has ruled that U.S. Steel may proceed with its proposed acquisition by Nippon Steel. The board, which was jointly chosen by U.S. Steel and the United Steelworkers to decide disputes between them, said Wednesday that U. S.
FILE - The United States Steel Mon Valley Works Clairton Plant in Clairton, Pa., is shown on Feb. 26, 2024. The board, which was jointly chosen by U.S. Steel and the United Steelworkers to decide disputes between them, said Wednesday that U. S.
USW had filed a series of grievances in January alleging that the successorship clause had not been satisfied. The union has previously stated that it doesn’t believe Nippon fully understands its commitment to steelworkers, retirees and its communities. USW has expressed concern about the enforcement of its labor agreements, having transparency into Nippon’s finances, as well as national defense, infrastructure and supply chain issues.
“With the arbitration process now behind us, we look forward to moving ahead with our pending transaction with Nippon Steel,” U.S. Steel President and CEO David Burritt said in a statement.“Nippon’s commitment to our facilities and jobs remains as uncertain as ever, and executives in Tokyo can still change U.S. Steel’s business plans and wipe them away at any moment,” the union said.
The proposed takeover carries some heavy political weight in Pennsylvania, a state that both Vice President Kamala Harris and Donald Trump view as a must-win in November’s presidential election. U.S. Steel is headquartered in Pittsburgh.
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