US Steel, Nippon Steel finalize ‘historic partnership'
President Trump lauded the acquisition as a partnership in which the U.S. would maintain a 'golden share' of profits with expanded investments in Pennsylvania, Indiana, Arkansas, Minnesota and Alabama.
'U. S. Steel will remain rooted in the United States and continue to call Pittsburgh home. Through our partnership with Nippon Steel, we are poised to grow better and bigger, with transformative investment, cutting-edge technology, and the creation of good-paying jobs across the United States,' U. S. Steel's CEO Dave Burritt said in a statement.
Trump and former President Biden both spoke out against the merger on the 2024 campaign trail citing concerns for national security and global competition.
Months after returning to the Oval, Trump approved the acquisition, ensuring it would spur job growth and boost U.S. manufacturing.
The $15 million buyout was solidified under a National Security Agreement drafted by Trump. The provisions ensure that a sitting president or his designee will have consent rights over the transfer of production or jobs outside of the U.S., changing the company's name or headquarters and material acquisitions of competing businesses in the country.
While the White House has lauded the deal, labor unions have shown fear that attention to work conditions and the broader objective of company operations will die down following the announcement of the merger.
'As the sale concludes, it seems likely that attention will dissipate. U.S. Steel's PR machine will power down, and the majority of elected officials will turn their attention elsewhere. However, our union will remain. We will continue watching, holding Nippon to its commitments,' United Steelworkers International President David McCall said in a statement.
'And we will use the most powerful tool workers have against global corporations: collective bargaining. Our current agreement expires in September 2026, and rest assured, if our job security, pensions, retiree health care or other hard-earned benefits are threatened, we are ready to respond with the full strength and solidarity of our membership.'
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