Key Points
(Bloomberg) -- Nippon Steel Corp. made what it calls a formal commitment on spending and jobs to the United Steelworkers union, backing up a pledge made in an earlier meeting as the Japanese steelmaker looks to build support for its $14.1 billion acquisition of United States Steel Corp. ..
Nippon Steel delivered the proposed bilateral agreement" last week, according to two people familiar with the matter and a letter sent to US Senators Bob Casey and John Fetterman..
Those include a commitment not to shut-down or idle facilities covered by the labor deal at least until it expires; a commitment to share leading-end technology" at the sites; a commitment to revisit" plans for three blast furnaces; a commitment to share audit of financial statements; and a commitment that U.S. Steel jobs and production will remain in the United States.".
In that March 19 letter, Casey and Fetterman called on Nippon Steel and US Steel to promptly be able to produce binding legal commitments to maintain these agreements, protect workers, and alleviate concerns about successorship." ..
The Alliance for Automotive Innovation, a US auto industry trade group, wrote the White House on Friday warning that any deal between US Steel and Cleveland-Cliffs would leave the latter with total or near total control of steel manufacturing in the US," could lead to anti-competitive pricing" for the auto sector and deserves at least the same or more antitrust scrutiny.".
