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.
