The labor union strongly opposes Nippon Steel's acquisition of United States Steel Corporation (X.US): the deal is doomed to fail. The company should be owned by Americans.

The United States Steel Corporation Workers Union has stated that it will not succumb to coercion and accept Nippon Steel's bid to acquire United States Steel Corporation (X.US) in a final effort to win over the workers. The union also stated that the nearly $15 billion acquisition is a "doomed deal" and vowed to oppose any foreign ownership of the company. On Thursday, the United States Steel Corporation Workers Union submitted a memo to "stakeholders," including the White House. Union chairman Dave McCall stated in the memo, "In order to salvage a doomed deal, United States Steel Corporation executives have resorted to one of the oldest tricks in the book trying to divide the membership and retirees of the United States Steel Corporation Workers Union in an attempt to distract us from their potential millions in compensation." "The members and retirees continue to steadfastly oppose the deal." This week, United States Steel Corporation and Nippon Steel released their communications with the United States Steel Corporation Workers Union to show how union leaders have been negligent in negotiating a deal. Previously, United States Steel Corporation also warned that if the deal with Nippon Steel fails, the company will close steel plants and relocate its headquarters from Pittsburgh. United States Steel Corporation CEO David Burritt emphasized the importance of the deal for maintaining the competitiveness of the company's aging factories and employment. This prompted some workers to express support for the deal. When asked to comment on the memo from the United States Steel Corporation Workers Union, United States Steel Corporation stated in a statement on Thursday, "Many claim to want the best for our employees, which is why we reached an agreement with Nippon Steel that will bring $2.7 billion in transformative investment to the factories represented by the United States Steel Corporation Workers Union, allowing them to remain operational for decades to come." Nippon Steel mentioned a previous statement, saying the deal would benefit American workers, local communities, and national security in a way that no other option could. It is worth noting that on September 4, Nippon Steel announced that if the company successfully acquires United States Steel Corporation, Americans will be at the "core" of management and have a majority on the board of directors. Nippon Steel also stated that the company will prioritize production for the U.S. market. Additionally, decisions regarding trade issues will require approval from a majority of independent board members to ensure that decisions are not influenced by the Nippon Steel headquarters. Last December, the world's fourth largest steel manufacturer, Nippon Steel, announced a $14.9 billion all-cash acquisition of United States Steel Corporation, at a purchase price of $55 per share. The financially strong Nippon Steel hopes to expand its footprint in the United States with this acquisition, strengthen its position as a global giant, and utilize overseas expansion to address weak domestic demand. This acquisition is also expected to increase the company's global crude steel capacity to 100 million tons. However, since the announcement, this acquisition plan has faced repeated setbacks and strong opposition in the United States. The plan has previously been opposed by U.S. President Biden, Vice President and Democratic presidential candidate Harris, and Republican presidential candidate Trump. According to reports, Nippon Steel's acquisition plan for United States Steel Corporation has received approval from all regulatory agencies except the United States, as well as consent from United States Steel Corporation shareholders, and is currently under regulatory review in the United States. The Committee on Foreign Investment in the United States (CFIUS) has been conducting a review of the deal, as it is responsible for reviewing potential impacts of foreign investments on U.S. national security. The White House stated that the committee reviewing the proposed acquisition on national security grounds has not yet submitted a formal recommendation to Biden. Sources revealed last week that Biden is prepared to veto the deal after receiving a recommendation from CFIUS. Biden has often stated that United States Steel Corporation should remain domestic. Dave McCall expressed a similar view in the memo, stating, "We will not be forced to concede and accept a bad deal." "Our commitment has never been clearer to keep United States Steel Corporation American-owned."