Market Chatter: Nippon Steel Vice President to Meet With U.S. Steel Union Workers

MT Newswires Live04:28

Nippon Steel Vice President Takahiro Mori is expected to visit the US to meet with union workers at United States Steel's (X) Pittsburgh plants, Bloomberg reported Wednesday, citing sources with knowledge of the matter.

Mori's meeting with U.S. Steel union workers is an attempt by the Japanese steelmaker to convince union members that its $14 billion takeover offer would be good for the long-term prospects of workers, according to the report.

Local union leader Jason Zugai has agreed to meet with Mori and will bring workers from the Edgar Thomson, Clairton and Irvin plants, the report said. Zugai reportedly said that he wants United Steelworkers International President David McCall to also meet with Mori and reconsider his opposition to the deal, according to the report.

McCall said he was unaware of the local meetings and questioned the legality of the meeting under federal law while asking for a written guarantee from Nippon Steel for capital investments, Bloomberg reported. Mori is also reportedly expected to visit New York and Washington during his trip.

Nippon Steel said that they have engaged with stakeholders and recognize the national union as the workers' representative, Bloomberg said, citing an emailed statement.

Nippon Steel, United States Steel and United Steelworkers did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 36.49, Change: -1.32, Percent Change: -3.49

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