Arbitration Board Affirms U.S. Steel's Sale to Nippon Steel

New York, Sept. 25 (Jiji Press)--United States Steel Corp. said Wednesday that a board of arbitration has judged that the company's sale to Nippon Steel Corp. of Japan can move forward.

The arbitration board, which was jointly chosen by U.S. Steel and the United Steelworkers to determine disputes between the two sides, rejected a claim by the union that the takeover violates the basic labor agreement between them.

The fate of the deal is still uncertain because the board's decision is legally nonbinding as U.S. Vice President Kamala Harris, the Democratic presidential nominee, and her Republican rival, former President Donald Trump, both oppose the transaction.

The Committee on Foreign Investment in the United States, which is investigating the deal on national security grounds, is expected to issue a decision after the election in November.

The arbitration board decided that Nippon Steel "has provided reasonable assurances" that it will honor commitments in agreements between U.S. Steel and the union.

[Copyright The Jiji Press, Ltd.]