Kamala Harris Opposed $14.1B Nippon Steel Acquisition Of US Steel Labeled By United Steelworkers As 'Doomed' — Union Boss Says Executives Using 'Oldest Tricks In The Book'
Portfolio Pulse from Kaustubh Bagalkote
Nippon Steel's $14.1 billion acquisition of U.S. Steel faces opposition from United Steelworkers and U.S. political figures, including Vice President Kamala Harris. The union deems the deal 'doomed' and is prepared to fight against foreign ownership. The Committee on Foreign Investment has not yet made a recommendation.
September 13, 2024 | 3:46 am
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NEGATIVE IMPACT
Nippon Steel's acquisition attempt of U.S. Steel is facing strong opposition from United Steelworkers and U.S. political figures. The union's resistance and political concerns could jeopardize the deal.
The opposition from a major union and political figures indicates potential challenges for Nippon Steel's acquisition, likely impacting its stock negatively in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
U.S. Steel's potential acquisition by Nippon Steel is facing significant opposition from United Steelworkers and U.S. political figures, including VP Kamala Harris. The union's strong stance and political involvement could hinder the deal's progress.
The strong opposition from a major union and political figures suggests significant hurdles for the acquisition, potentially affecting U.S. Steel's stock negatively in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100