Board of Arbitration Rules in Favor of U. S. Steel, Affirming Transaction with Nippon Steel
United States Steel Corporation (X)
Last united states steel corporation earnings: 4/30 04:16 pm
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Source: Business Wire
U. S. Steel has satisfied the successorship obligations in the Basic Labor Agreement (BLA) with the United Steelworkers (USW)All BLA issues between U. S. Steel and USW are now resolvedNo further action is necessary under the BLA for Nippon Steel to acquire U. S. Steel and assume all USW agreements in line with its commitments PITTSBURGH--(BUSINESS WIRE)--United States Steel Corporation (NYSE: X) (“U. S. Steel” or the “Company”) today announced the Board of Arbitration, which is jointly selected by U. S. Steel and the United Steelworkers (“USW”) to decide disputes between them, ruled that U. S. Steel has satisfied each of the conditions of the successorship clause of its Basic Labor Agreement (“BLA”) with the USW and that no further action under the BLA is required to proceed to closing the pending transaction between U. S. Steel and Nippon Steel (the “Transaction”).On January 12, 2024, USW leadership filed a series of grievances alleging that the successorship clause in the BLA had
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