The Rising Influence of Rising Affluence

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US Steel Takeover’s Fate May Hang on the Words of a Union Boss
Experts say the union the holds the ‘political leverage’
Nippon’s $14 billion deal is up for US official review

By Joe Deaux
March 2, 2024 at 9:30 AM EST

David McCall has a once-in-a-generation opportunity to do right by America’s industrial workers, and he’s ready to seize the moment.
As head of the United Steelworkers, McCall finds himself in an unlikely place of power. Labor groups traditionally haven’t had much sway in US corporate takeovers. But 2024 is, of course, no ordinary year. So thanks to a growing political maelstrom that’s thrust the steelworker into the center of campaign rhetoric, McCall is now one of the most-crucial voices that can help decide the fate of Nippon Steel Corp.’s proposed $14 billion takeover of the storied United States Steel Corp.

And McCall is preparing for a fight.

“The transaction itself right now, as announced, there’s no way I’d accept it,” he said in a recent interview, indicating that he’s ready to go the brink – even if it means killing the deal – to make sure he can secure the concessions he’s seeking for his union members.

The union doesn’t have any official right to simply block an offer US Steel has accepted. What it does have is political leverage.


https://www.bloomberg.com/news/articles/2024-03-02/us-steel-nippon-takeover-fate-may-hang-on-words-of-union-boss?srnd=homepage-americas&sref=XLA0GJqR