Nippon Steel Assures No Layoffs or Plant Closures in $14.9 Billion U.S. Steel Acquisition

Benzinga

Nippon Steel said its proposed $14.9 billion acquisition of U.S. Steel would not result in layoffs or plant closures in response to opposition from President Biden and scrutiny from the United Steelworkers union. Nippon Steel committed that U.S. Steel would invest $1.4 billion more and worker pay would increase by over 140% with no layoffs. The deal is undergoing review by the Committee on Foreign Investment in the U.S., which can recommend blocking foreign deals over national security. Nippon Steel operates 4,000-employee facilities in the U.S. and has relationships with American coal/steel companies.

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00:00 It's Benzinga and here's what's on the block.

00:02 Iban Steel said its proposed $14.9 billion acquisition of U.S. steel would not result

00:07 in layoffs or plant closures in response to opposition from President Biden and

00:10 scrutiny from the United Steel Workers Union. Nippon Steel committed that U.S.

00:14 Steel would invest $1.4 billion more and worker pay would increase by over 140% with no layoffs.

00:20 The deal is undergoing review by the Committee on Foreign Investment in the U.S. which can

00:23 recommend blocking foreign deals over national security. Nippon Steel operates 4,000 employee

00:28 facilities in the U.S. and has relationships with American coal and steel companies. Both

00:32 companies expect the transaction to close later this year. Approved. For all things money, visit

00:36 Benzinga.com.

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