Nippon Steel and US Steel sent President Joe Biden a letter on September 8th in a last-ditch attempt to save the Japanese firm’s takeover bid. It is the latest effort of the companies to salvage the deal which would see US Steel, a 123-year-old American company, go under foreign ownership.
Representatives from Nippon Steel declined to comment on the contents of the letter and whether there had been any response.
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The move comes as the United Steelworkers Union has remained staunchly opposed to the deal. A memo sent by the union’s president David McCall, said the deal was “doomed.”
He expressed frustration at the company’s behaviour towards the union.
“In its desperate attempt to save a doomed deal, US Steel executives have turned to one of the oldest tricks in the book: attempting to divide USW members and retirees to distract us from the multi-million-dollar payoffs they stand to gain personally.” McCall’s memo was sent to “interested parties,” including the White House.
US Steel has warned that if the sale fell through, some plants could close, resulting in some workers expressing support for the sale.
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By GlobalDataNippon Steel sent its executive vice president to the US earlier this week to try to salvage the deal.
Biden, Trump and Harris have all come out against the deal. Biden is expected to block it after a review from the Committee on Foreign Investments in the US concludes.
