Union Says Nippon Steel Can't Be Trusted With Buying U.S. Steel

Dow Jones

Apr 23, 2025

By Robert Tita

The United Steelworkers union says allowing Japan's Nippon Steel to acquire even a portion of U.S. Steel would threaten the country's national security.

"The risks posed by Nippon Steel to America's steel industry, and, thus, national security cannot be addressed by permitting Nippon to enter into any partnership with U.S. Steel," Union President Dave McCall said in a letter to Treasury Secretary Scott Bessent.

President Trump has indicated he could support Nippon Steel buying a share of U.S. Steel, but not the entire company. Trump recently ordered a new national security review of Nippon Steel's proposed $14.1 billion acquisition of U.S. Steel, which the Biden administration blocked in January.

The union says it remains opposed to the acquisition.

McCall says he is convinced Nippon Steel would close U.S. Steel mills and supply the American steel market with imports.

Nippon Steel has repeatedly rejected the union's claims, insisting it isn't buying U.S. Steel to close it.

U.S. Steel shares fell 1.2% at $40.09 in after-hours trading on Tuesday.

Write to Robert Tita at robert.tita@wsj.com

(END) Dow Jones Newswires

April 22, 2025 17:45 ET (21:45 GMT)

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