Japanese steel giant plans Pittsburgh move for US HQ in US Steel takeover bid
Steel

Japanese steel giant plans Pittsburgh move for US HQ in US Steel takeover bid

An executive has announced that Nippon Steel will move its US headquarters to Pittsburgh if the proposed $15 billion takeover bid for US Steel goes through. This move aims to reassure stakeholders and facilitate the transaction's finalisation.

However, the takeover has faced significant opposition in the United States. President Joe Biden expressed his preference for domestic ownership of the assets, and his political opponent in the previous presidential election, Donald Trump, vowed to block the deal if he were to be re-elected.

Nippon Steel, ranked as the fourth-largest steelmaker in the world, has been negotiating with the United Steelworkers (USW). This crucial labour union will significantly influence the upcoming November elections. However, the USW has been opposing the deal so far.

One of Nippon Steel's Executive Vice Presidents, who is also a key negotiator in the deal, emphasised that "not only are we keeping the Pittsburgh headquarters - which other bidders would not be able to do - but we are planning to move Nippon Steel's existing US headquarters from Houston to Pittsburgh."

In a document filed by US Steel with the US Securities and Exchange Commission, it stated that US Steel is engaged with the USW and outlined specific commitments regarding job security, investment, and other areas.

Nippon Steel reiterated its pledge to uphold all existing agreements between US Steel and the USW, emphasising the company's commitment to preserving jobs, maintaining operational facilities, and avoiding the shift of production overseas.

An executive has announced that Nippon Steel will move its US headquarters to Pittsburgh if the proposed $15 billion takeover bid for US Steel goes through. This move aims to reassure stakeholders and facilitate the transaction's finalisation. However, the takeover has faced significant opposition in the United States. President Joe Biden expressed his preference for domestic ownership of the assets, and his political opponent in the previous presidential election, Donald Trump, vowed to block the deal if he were to be re-elected. Nippon Steel, ranked as the fourth-largest steelmaker in the world, has been negotiating with the United Steelworkers (USW). This crucial labour union will significantly influence the upcoming November elections. However, the USW has been opposing the deal so far. One of Nippon Steel's Executive Vice Presidents, who is also a key negotiator in the deal, emphasised that not only are we keeping the Pittsburgh headquarters - which other bidders would not be able to do - but we are planning to move Nippon Steel's existing US headquarters from Houston to Pittsburgh. In a document filed by US Steel with the US Securities and Exchange Commission, it stated that US Steel is engaged with the USW and outlined specific commitments regarding job security, investment, and other areas. Nippon Steel reiterated its pledge to uphold all existing agreements between US Steel and the USW, emphasising the company's commitment to preserving jobs, maintaining operational facilities, and avoiding the shift of production overseas.

Next Story
Infrastructure Urban

Afcons shares gain momentum with Bhopal Metro Line 2 project

Afcons Infrastructure made a quiet debut on the stock market on Monday but quickly gained momentum after emerging as the lowest bidder for the Bhopal metro project line 2 package.The Bhopal Metro Phase 1 project’s 12.915 km Blue Line (Line-2) will link Bhadbhada Chauraha and Ratnagiri Tiraha, spanning 13 elevated stations. This package, issued by the Madhya Pradesh Metro Rail Corporation (MPMRCL), involves constructing all 13 stations of the Blue Line’s viaduct. The depot will also be shared with the Orange Line (Karond Circle to AIIMS) for maintenance and stabling purposes.Afcons’ exten..

Next Story
Infrastructure Transport

Locals urge CM to opt for road bypass over flyover at Dandeavaddo

Chinchinim villagers respectfully requested Pramod Sawant, Chief Minister, to instruct the Public Works Department (PWD) and the National Highway authorities to construct a road bypass instead of a flyover on the Dandeavaddo stretch of NH66. The villagers, led by Sarpanch Frank Viegas and Velim MLA Cruz Silva, also raised the long-standing issue of building the Chinchinim Panchayat Ghar and a multi-purpose project on panchayat land that was acquired more than 15 years ago. The delegation met the Chief Minister at the St. Sebastian Chapel junction in Chinchinim as he was returning home from a..

Next Story
Infrastructure Transport

MLA Yashpal Suvarna Announces Malpe-Udupi Highway Construction from Nov 6

MLA Yashpal Suvarna instructed officials to commence work on the Malpe-Udupi Highway on Wednesday. A meeting took place, attended by MP Kota Shrinivas Poojary, Udupi MLA Yashpal Suvarna, and Kaup MLA Suresh Shetty Gurme, to discuss the National Highway 169A project, which spans from Malpe to Udupi, covering areas like Hiriyadka, Parkala, and Perdur. The project had experienced delays due to incomplete land acquisition, but compensation notices have now been issued to the landowners. Of the 214 land acquisition files, 19 pertain to government land, while 195 involve private owners. Notices ha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000