Labor Caucus Tells Biden to “Repudiate” U. S. Steel Deal
12/18/2024 - The Congressional Labor Caucus has written to U.S. President Joe Biden, asking him to strongly repudiate Nippon Steel Corp.’s planned acquisition of United States Steel Corporation, the Bloomberg news service reports.
According to Bloomberg, the letter was signed by 29 representatives, led by Ohio Rep. Marcy Kaptur and Pennsylvania Rep. Chris Deluzio.
“Despite Nippon Steel’s press releases and verbal reassurances in response to (the Committee on Foreign Investment in the United States) review that it will invest billions of dollars in U.S. steel manufacturing while guaranteeing no related jobs will be transferred outside of the U.S., they have failed to put forth any enforceable commitments in writing to hold them to their word,” the letter said, according to Bloomberg.
The Wall Street Journal reported Wednesday that in the full year that has passed since the acquisition was first announced, Nippon’s Steel’s efforts to win over employees and political leaders has created division among those groups.
Former U.S. Secretary of State Mike Pompeo, who served during Donald Trump’s first term and was hired as an adviser to Nippon Steel, last week declared his support for the deal, as have some union members and political leaders in areas where mills are located.
And Gary, Ind., Mayor Eddie Melton warned that some older U. S. Steel plants are likely to close if the deal falls apart.
“For the city of Gary, this partnership would mean so much,” Melton told The Journal. “This is a good deal across the board for everyone.”