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Amid Resistance From Harris And Trump, Nippon Steel Scores Favorable Arbitration Ruling In $14.9B US Steel Acquisition Deal

Benzinga Neuro
September 25, 2024

An arbitration board has ruled in favor of Nippon Steel Corp (OTC:NPSCY) in its $14.9 billion acquisition of United States Steel Corporation (NYSE:X). The decision was announced on Wednesday.

What Happened: The arbitration panel, chosen by both the company and the United Steelworkers (USW) union, determined that U.S. Steel had met all conditions of the successorship clause in its labor agreement with the USW. Reuters reported that the USW remains opposed to the deal despite this ruling.

“The arbitrators accepted at face-value Nippon Steel’s statement that it would assume the Basic Labor Agreement,” the USW stated. However, the union’s opposition to the acquisition remains unchanged.

Nippon Steel expressed its commitment to maintaining a productive relationship with the USW, emphasizing that its commitments extend beyond the current labor agreement.

The deal, initially signed last December, has faced political resistance, with both Democratic candidate Kamala Harris and Republican challenger Donald Trump advocating for U.S. Steel to remain American-owned.

See Also: Tesla’s Chinese Rival BYD Plans To Assemble EVs In Pakistan After India Said No: ‘We Have Big Ambitions’

Nippon Steel aims to finalize the acquisition by the end of December, pending regulatory approval. The company has resubmitted its application to the U.S. national security panel, delaying the decision until after the Nov. 5 presidential election.

Why It Matters: The arbitration board’s decision is a significant milestone in the ongoing Nippon Steel’s $14.9 billion acquisition of U.S. Steel. The deal has been under intense scrutiny, particularly from the U.S. national security panel, which has postponed its decision until after the presidential election due to concerns over national security and the steel supply chain.

Political figures such as Harris and Trump have voiced their opposition to the acquisition, arguing that U.S. Steel should remain American-owned. This political resistance adds another layer of complexity to the deal.

Despite these challenges, U.S. Steel CEO David Burritt remains optimistic about the merger’s success. He believes that the deal will benefit both shareholders and employees, and he is confident that it will pass the Committee on Foreign Investment in the United States (CFIUS) scrutiny.

U.S. Steel has also been performing well despite global challenges, with strong domestic demand and positive earnings guidance for the third quarter of 2024.

Read Next:

  • How To Earn $500 A Month From Nvidia Stock

Image Via Shutterstock

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote

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