Posts tagged US Steel
Trump administration offers some details of how it would control US Steel, but union raises concerns
June 16, 2025 // The union said it was “disappointed” that Trump “has reversed course” and raised basic questions about the ownership structure of U.S. Steel. “Neither the government nor the companies have publicly identified what all the terms of the proposed transaction are,” the letter said. “Our labor agreement expires next year, on September 1, 2026, and the USW and its members are prepared to engage the new owners" of U.S. Steel "to obtain a fair contract.” If Trump has as much control of U.S. Steel as he has claimed, that could put him in the delicate position of negotiating the salary and benefits of unionized steelworkers going into midterm elections.
Trump hails US Steel-Nippon deal, says steelmaker will be ‘controlled by the USA’ — but offers few details
June 1, 2025 // "I have to approve the final deal with Nippon and we haven't seen that final deal yet," Trump told reporters on the tarmac following the Pittsburgh event. "But they've made a very big commitment, and it's a very big investment." In his remarks at the rally, the president said U.S. Steel will maintain all of its current operating blast furnaces at full capacity for a minimum of 10 years.
US Steel Launches ‘Longshot’ Attack on Union in Merger Fallout
January 16, 2025 // While a union’s support or opposition doesn’t guarantee an outcome, it can be used to extract concessions or secure agreements from merging employers, Posner said.
Steelworkers Union Applauds as Biden Blocks Sale of US Steel to Japanese Giant
January 4, 2025 // The Committee on Foreign Investment in the United States, a federal committee that has the power to review certain transactions involving foreign investment in the United States to evaluate a deal's impact on national security, decided to forgo making a formal recommendation about whether the deal should be allowed to proceed last week. The proposal also became ensnared in election year politics, with both presidential candidates saying that U.S. Steel should remain a domestically-owned firm. Rust Belt lawmakers in both parties, including Sen. Bob Casey (D-Pa.) and Sen. Sherrod Brown (D-Ohio)—both of whom lost re-election in November—and Vice President-elect JD Vance, an Ohio Republican, expressed opposition to the deal.
US Steel Deal ‘Doomed,’ Says Union ‘Steadfast’ in Opposition
September 13, 2024 // United Steelworkers union says it will not be bullied into accepting Nippon Steel Corp.’s last-ditch efforts to win over workers for its takeover of United States Steel Corp., calling the $14.1 billion acquisition a “doomed deal” and pledging to fight any foreign ownership of the company.