Arbitration Approves Nippon's U.S. Steel Acquisition

An arbitration board has ruled in favor of Nippon Steel's $14.9 billion acquisition of U.S. Steel, stating that U.S. Steel has met all conditions of the successorship clause in its labor agreement with the United Steelworkers (USW). Despite this, the USW remains opposed, citing concerns over Nippon Steel's commitment to jobs and facilities. The board noted that Nippon Steel has pledged to invest $1.4 billion in union-represented facilities, avoid layoffs during the agreement term, and uphold all labor contracts. The acquisition has faced political opposition, with figures like Joe Biden, Kamala Harris, and Donald Trump advocating for U.S. Steel to remain American-owned. The U.S. Committee on Foreign Investment is extending its review of the deal until after the presidential election in November.