Overview

• The United Steelworkers union declared its unwavering opposition to Nippon Steel's $15 billion bid for U.S. Steel in a letter to Treasury Secretary Scott Bessent.
• Union President David McCall argued that proposed mitigations during the initial CFIUS review failed to address national security and economic risks.
• Concerns have intensified following a 205% preliminary tariff imposed by the U.S. Commerce Department on Nippon's electric steel imports from Japan.
• Nippon Steel has signaled potential asset divestitures but has not committed to maintaining production at key U.S. Steel facilities, including in Pennsylvania's Mon Valley.
• President Trump has directed CFIUS to reassess the deal, suggesting openness to a minority stake for Nippon but opposing full foreign control of U.S. Steel.