Thu Sep 12 23:55:52 UTC 2024: ## USW Rejects Nippon Steel’s US Steel Takeover Bid, Calling It a “Doomed Deal”
The United Steelworkers (USW) union has firmly rejected Nippon Steel’s $14.1 billion bid to acquire United States Steel Corp., denouncing the deal as a “doomed deal” and vowing to fight any foreign ownership of the company.
In a memo sent to “interested parties” including the White House, USW President Dave McCall accused US Steel executives of attempting to divide union members and retirees to secure personal gains. He emphasized the union’s staunch opposition to the acquisition, reiterating the commitment to keeping US Steel under US ownership.
The deal, facing opposition from President Joe Biden, is likely to be blocked. Biden has repeatedly stated his desire for US Steel to remain domestically owned, a sentiment shared by the USW, Vice President Kamala Harris, and former President Donald Trump.
Nippon Steel has defended the deal, claiming it will benefit American workers, local communities, and national security. However, the USW’s strong opposition and the potential for Biden to block the deal have cast a shadow on the acquisition’s future.
The situation underscores the political and economic complexities surrounding US Steel, a company considered crucial for Pennsylvania, a state crucial for the upcoming presidential election. The union’s defiance and Biden’s stance highlight the potential for the deal to become a major point of contention in the 2024 election.
First Piper 