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The United Steelworkers union expressed concerns about Nippon Steel's latest proposal that gives the U.S. government veto power over any potential reductions in U.
S. Steel's production capacity, if they get the approval to merge. ET Year-end Special Reads Stocks to buy in 2025: 66 ideas from top brokerages for your new year portfolio What does 2025 hold for India's IT services sector? 2025 may be the year of EVs in India, dominated by SUV launches The union, which has opposed U.
S. Steel's merger with the Japanese steel giant, said Nippon's offer fails to commit to sustaining production over the long term or enhancing domestic capacity in integrated facilities. "Protecting capacity only means moth-balling our equipment, allowing it to rust away to the point that it is no longer feasible to re-start," the union said in a statement on its website on Thursday.
The proposal "is nothing but a "Hail Mary" pass destined to fall to the ground," it added. On Tuesday, reports said Nippon Steel made a proposal to give the government a final say over any potential production cuts, as part of its efforts to secure President Joe Biden's approval for acquiring the American steelmaker. Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Basics of Generative AI: Unveiling Tomorrows Innovations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance A2Z Of Money By - elearnmarkets, Financial Education by StockEdge View Program Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Strategy Succession Planning Masterclass By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.
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S. Steel at a hefty premium, but the merger has since faced opposition from the powerful Steelworkers' union as well as politicians. "The truth remains that this transaction is the best way to ensure that U.
S. Steel, including its employees, communities, and customers, will thrive well into the future," U.S.
Steel said on Thursday in response to the union's statement. The Committee on Foreign Investment in the United States (CFIUS) has referred the decision to approve or block the deal to Biden, who must decide on the deal by Jan. 7.
If he takes no action, it would result in the merger's automatic approval. Nippon Steel did not immediately respond to Reuters' request for comments. (You can now subscribe to our Economic Times WhatsApp channel ).
