WASHINGTON (Reuters) -The United Steelworkers union urged U.S. President Donald Trump on Thursday to block Nippon Steel’s bid for U.S. Steel despite a pledge by the Japanese steel giant to invest $14 billion in the iconic American company, as first reported by Reuters. In a statement published a day after a powerful national security panel […]
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US Steelworkers union urges Trump to block Nippon Steel’s bid for U.S. Steel
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WASHINGTON (Reuters) -The United Steelworkers union urged U.S. President Donald Trump on Thursday to block Nippon Steel’s bid for U.S. Steel despite a pledge by the Japanese steel giant to invest $14 billion in the iconic American company, as first reported by Reuters.
In a statement published a day after a powerful national security panel submitted a fresh recommendation on the deal to Trump, the union accused Nippon Steel of dumping steel on American markets for decades and argued its merger bid poses a threat to U.S. national security.
“Now, as it continues to make flashy promises about proposed investments, it remains clear Nippon is simply seeking to undercut our domestic industry from the inside,” the union said.
Nippon Steel declined to comment. U.S. Steel, whose shares pared gains by 1% following the news, did not immediately respond to requests for comment. Its shares were up 1.4% for the day.
(Reporting by Alexandra Alper; Editing by Mark Porter and Lisa Shumaker)