United Steelworkers signs non-disclosure agreement with Nippon Steel

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February 26, 2024 4:29 PM EST

A United Steelworkers flag flies outside the Local 1299 union hall in Ecorse, Michigan, U.S., September 24, 2019. Picture taken September 24, 2019. REUTERS/Rebecca Cook/File Photo

(Reuters) - The United Steelworkers (USW) signed a non-disclosure agreement with Nippon Steel, the union said on Monday, as the Japanese company remains on track to finalize its planned $15 billion acquisition of U.S. Steel.

However, the union said even with the agreement, Nippon has not provided it with all of the information requested.

The world's fourth-largest steelmaker's planned deal has drawn criticism from Democratic and Republican lawmakers and the powerful USW union.

Nippon Steel aims to gain consent from the USW, the main union at U.S. Steel, by emphasizing the deal would strengthen the U.S. company's profitability and finances, leading to stable employment.

(Reporting by Kannaki Deka in Bengaluru; Editing by Maju Samuel)


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