Arbitration Board Approves Nippon Steel's $14.9 Billion Buyout of S. Steel

Despite union objections and political opposition, the deal moves forward pending regulatory approval.

An arbitration board ruled that U.S. Steel met all conditions of its labor agreement with the United Steelworkers (USW) union, allowing Nippon Steel's acquisition to proceed.
The United Steelworkers union remains opposed to the deal, citing concerns over job security and Nippon's commitment to labor agreements.
Political figures including President Joe Biden, Kamala Harris, and Donald Trump have expressed opposition to the foreign acquisition of U.S. Steel.
U.S. Steel warned that failure to complete the deal could result in the closure of steel mills and the relocation of its headquarters out of Pennsylvania.
Nippon Steel has pledged significant investments in U.S. Steel facilities and is awaiting regulatory approval from the Committee on Foreign Investment in the U.S.