U.S. Steel says arbitrator has ruled in favor of Nippon Steel buyout

Union disagrees with decision and says it remains opposed to $14.9bn deal

U.S. Steel Granite City Works, Granite City, Illinois: With elections coming up in November, both U.S. presidential candidates say they oppose Nippon Steel's purchase of the American company. © Reuters

September 26, 2024 09:45 JST

Bengaluru/Tokyo (Reuters) -- U.S. Steel said on Wednesday that an arbitration board ruled in favor of Nippon Steel's $14.9 billion buyout of the company but that the United Steelworkers union disagreed with the decision.

The board, jointly selected by the company and the union to settle disputes, ruled U.S. Steel had satisfied each of the conditions of the successorship clause in its basic labor agreement with the USW.