Nippon Purchases U.S. Steel Plant, What This Will Mean For Granite City Not Yet Known
PITTSBURGH - Nippon Steel Corporation, Japan’s largest steel maker, will acquire U.S. Steel in an all-cash transaction for $14.1 billion, plus assumption of debt for a total of $14.9 billion. U.S. Steel stock has soared on the U.S. stock market today. The transaction has been unanimously approved by the Board of Directors of both NSC and U.S. Steel. Granite City Mayor Mike Parkinson said at this point, city leaders do not know exactly what the purchase of U.S. Steel by Nippon Steel will mean for those in his city and the workers. The United Steel Workers Local 1899 was contacted and said a statement may be released later on Monday in reaction to the sale. The Local 1899 issued a notice on Tuesday, Dec. 12, 2023, to union members that a WARN Act notice would be settled by U.S. Steel. In November, U.S. Steel issued WARN Notices (Worker Adjustment and Retraining Notification) that the Granite City facility would be idled indefinitely. Parkinson said at that time that 400 workers
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