Nippon Steel Ups Effort to Woo US Steel Workers, Politicians

[BumRushDaShow]

Source: Bloomberg

May 17, 2024 at 6:10 PM EDT
Updated on May 18, 2024 at 1:19 AM EDT


Nippon Steel Corp. is stepping up efforts to win over US workers and politicians for its $14.1 billion takeover of United States Steel Corp. despite stiff opposition from union leaders and the Biden administration.

Japan’s top steelmaker is sending Vice Chairman and Executive Vice President Takahiro Mori to Pittsburgh next week where he’ll meet with local staff and elected officials, said people briefed on the matter. It’s also dispatching technical teams to review US Steel mills as the firm assesses how it can boost investment and labor commitments to convince union leaders and authorities of the deal’s merits, the people said.

The Japanese company confirmed a US visit, but declined to comment on details. “We will continue to engage in dialogue with relevant stakeholders,” a spokesperson said.

Nippon Steel agreed to buy US Steel in December, but opposition from the United Steelworkers and President Joe Biden has left investors uncertain of the deal’s fate. Biden last month vowed to keep US Steel American-owned, in front of union workers ahead of November’s election.

Read more: https://www.bloomberg.com/news/articles/2024-05-17/nippon-steel-boosts-efforts-to-woo-us-steel-workers-politicians

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[SarahD]

1. What government should do.

Help an industry that provides unionized, living wage jobs. Tax breaks. Infrastructure. Community development. This may or may not mean Nippon Steel should be allowed to buy them.

[flying_wahini]

2. Well we all know who will be ready to sell labor down the river for a small donation to his election.

Don’t we?

[JoseBalow]

3. Domestic steel production is a national security issue

US Steel needs to remain an American company.

[former9thward]

4. Way too late for that.

Our domestic steel industry has been shrinking since the 1970s because of lack of government support by any government.