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US Steel (NYSE: X) said on Wednesday the board of arbitration, jointly selected by the steelmaker and the United Steelworkers union (USW), has ruled in favor of Nippon Steel’s $14.9 billion buyout deal.
In a statement, US Steel said it has satisfied each of the conditions of the successorship clause of its Basic Labor Agreement (BLA) with the USW and that no further action is required to proceed to closing the pending transaction.
On January, USW leadership filed a series of grievances alleging that the successorship clause in the BLA had not been satisfied.
According to US Steel, the board of arbitration recognized the commitments Nippon Steel made to fulfill the requirements of the successorship clause—including its commitment to invest no less than $1.4 billion in USW-represented facilities, not to conduct layoffs or plant closings during the term of the BLA, and to protect the best interests of US Steel.
“With the arbitration process now behind us, we look forward to moving ahead with our pending transaction with Nippon Steel,” US Steel CEO David Burritt said in a statement.
Nippon Steel clinched the deal to buy US Steel last December, outbidding rivals such as Cleveland-Cliffs, ArcelorMittal and Nucor, and paying a hefty premium.
The deal, however, has faced political opposition from both powerful Democrats and Republicans.
US Steel is headquartered in Pennsylvania, a crucial swing state hotly contested by both candidates in the November presidential election.
(With files from Reuters)
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