Nippon Steel’s $1.3-billion commitment to upgrade facilities in Pennsylvania and Indiana is on top of an earlier commitment to spend $1.4-billion
Nippon Steel Corp. raised its capital commitment Thursday by more than $1-billion to spend on U.S. Steel’s plants amid entrenched political and labor opposition to the Japanese company’s nearly $15-billion acquisition of the iconic American steelmaker.
The sale comes during a tide of renewed political support for rebuilding America’s manufacturing sector, a presidential campaign in which Pennsylvania is a prime battleground, and a long stretch of protectionist U.S. tariffs that analysts say has helped reinvigorate domestic steel. “The bottom line is these are investments in the future of integrated American steelmaking and the employees, families and communities that rely on it,” Burritt said in a statement.
The Steelworkers say they are intent on “keeping U.S. Steel U.S. owned” and are protesting what they view as the transaction’s failure to incorporate its contractual agreements on labor, pensions and other matters after they weren’t consulted on the details. With the United Steelworkers against the deal, the sale has drawn opposition from senior political figures on both sides of the aisle.
However, Biden, who had made his support for organized labor explicit, had all but vowed to block U.S. Steel’s sale and said in an April rally with steelworkers in Pittsburgh that the company “should remain totally American.”
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