US Steel said on Wednesday (Sep 25) that the board of arbitration has ruled in favour of Nippon Steel’s US$14.9 billion buyout of the company, but the United Steelworkers union disagreed with the decision.
The board, jointly selected by the company and the union to settle disputes, ruled that US Steel had satisfied each of the conditions of the successorship clause of its basic labour agreement with the USW.
“The arbitrators accepted at face-value Nippon Steel’s statement that it would assume the Basic Labor Agreement,” USW said.
The union said the decision did not change its opposition to the deal.
Japan-based Nippon Steel did not immediately respond to a request for comment.
