'Why The Steelworkers' Union Might Crush Nippon's Bid For U.S. Steel; Japanese Company Could Escape No-Layoff Promise, According To Private Correspondence With Union' - Washington Post
Portfolio Pulse from Benzinga Newsdesk
Nippon Steel's $14.9 billion bid to acquire U.S. Steel faces significant opposition from the United Steelworkers union and political figures, including President Biden and former President Trump. The union is concerned about potential job losses and plant closures, despite Nippon's promises. The deal's future is uncertain, with ongoing investigations and political pressure.
June 25, 2024 | 4:51 pm
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U.S. Steel's acquisition by Nippon Steel is in jeopardy due to union and political opposition. Concerns about job losses and plant closures are central to the dispute, with ongoing investigations adding uncertainty.
The union's strong opposition and political pressure, especially during an election year, create significant uncertainty for the deal. This could negatively impact U.S. Steel's stock in the short term.
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