Nippon Steel Reaches Settlement with US Union, Resolving Legal Disputes Related to U.S. Steel Acquisition

Deep News

Sep 04

Nippon Steel announced on Wednesday that it has reached a settlement agreement with the United Steelworkers union and steel manufacturer Cleveland-Cliffs, resolving all legal disputes related to its acquisition of U.S. Steel.

The settlement agreement includes the withdrawal of lawsuits filed by Nippon Steel, its North American subsidiaries, and U.S. Steel against United Steelworkers President David McCall, as well as the withdrawal of unfair labor practice charges filed by the union with the National Labor Relations Board against U.S. Steel.

The settlement also drops claims against Cleveland-Cliffs and its Chief Executive Officer Lourenco Goncalves, who had opposed the transaction.

Previously, Nippon Steel and U.S. Steel had accused Cleveland-Cliffs and its CEO Goncalves, along with United Steelworkers President David McCall, of attempting to block the deal. The United Steelworkers had also filed unfair labor practice charges with the National Labor Relations Board, alleging that U.S. Steel intimidated workers and attempted to suppress opposition to the sale.

Nippon Steel stated that as part of the settlement agreement, no economic compensation was exchanged between the parties. Both sides added that they will continue to focus on steelmaking operations and collective bargaining.

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