U.S. Steelworkers Urge Trump To Block Nippon Steel Takeover Bid

The United Steelworkers union has called on President Donald Trump to block Nippon Steel’s proposed acquisition of U.S. Steel, citing national security risks and longstanding concerns over unfair trade practices, Reuters’ Alexandra Alper reported.

The union accused Nippon Steel of dumping steel in U.S. markets for decades and warned that its $14 billion offer for U.S. Steel would "undercut our domestic industry from the inside." I Photo: United Steelworkers Facebook

In a statement issued a day after a national security panel sent a fresh recommendation to the White House, the union accused Nippon Steel of dumping steel in U.S. markets for decades and warned that its $14 billion offer for U.S. Steel would "undercut our domestic industry from the inside."

Nippon Steel declined to comment, and U.S. Steel did not immediately respond to media inquiries. Shares of U.S. Steel were up 1.4% on the day but gave up some gains after the union's statement, closing 1% lower from the session’s peak.