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US Steel’s union, ‘The United Steelworkers (USW)’ opposed Nippon Steel’s draft agreement to gain support for its takeover of the American steelmaker. Despite Nippon’s commitments that included not laying off employees through September 2026 and defending US Steel against unfair foreign trade, the USW said that the draft “does not provide a meaningful basis for a resolution of the ongoing dispute”. However, the USW added that it was open to meeting with Nippon’s officials to discuss the transaction status and other details. In December 2023, US Steel clinched a $14.9bn all-cash acquisition deal from Japan’s Nippon Steel. However, since then, concerns have emerged on whether the deal would go through completion amid national security risks, threat to unionized steel jobs and other factors.
US Steel’s bonds were trading steady at above par, yielding 6.5-6.7%.
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