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Union: Meeting between United Steelworkers and Nippon goes nowhere
Republican North Dakota Gov. Doug Burgum breaks down China’s spying threats on ‘Kudlow.’
No progress was made in a high-stakes meeting Thursday between executives from the United Steelworkers and Nippon Steel, according to the union. The meeting was an effort by Nippon Steel to gain the support of union leadership for the Japanese company’s planned acquisition of U.S. Steel for about $15 billion.
“I’m going to try to stop the deal,” said David McCall, president of the United Steelworkers. “It’s not good for our members. It’s not good for our country.”
“Nippon Steel has deep respect for the unionized employees at U.S. Steel,” a Nippon Steel spokesperson said in a statement. “We look forward to continuing these conversations with the [union].”
Last week, the union sent a letter to all 100 U.S. senators, urging opposition and scrutiny of the proposed merger.
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The U.S. Capitol June 5, 2003, in Washington, D.C. (Stefan Zaklin/Getty Images / Getty Images)
“American jobs are at stake, and failure to protect one of our core domestic industries presents opportunities for foreign competitors and countries, like China, to undermine our economic and national security,” McCall wrote.
The union is “actively engaged” with the U.S. Treasury’s Committee on Foreign Investment in the United States with concerns about the merger, the letter to lawmakers states. It urges lawmaker support of the union’s efforts to stop the deal.
The Treasury department declined to comment.
The union’s primary concern is job security. Nippon would not be bound by the union’s collective bargaining agreement with U.S. Steel, McCall said.
“[W]e provided the [union] with specific commitments, which we believe address each of the union’s concerns that have been raised in our working sessions to date, including job security, capital investment and technology sharing,” the Nippon spokesperson said.
Nippon’s executives have promised they would honor the union’s collective bargaining agreement, would not cut jobs or close plants and keep the U.S. Steel name and headquarters in Pittsburgh.
U.S. Treasury Secretary Janet Yellen testifying before the House Committee on Financial Services in Washington, D.C., Feb. 6, 2024. (Aaron Schwartz/NurPhoto via Getty Images / Getty Images)
Still, union leadership remains concerned.
“At this point, they’re a completely unqualified successor under our labor agreement,” said McCall.
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A spokesperson for U.S. Steel said in a statement the company was pleased a Nippon executive “spent time getting to know many of our stakeholders in Pittsburgh.”
“In partnership with Nippon Steel, U.S. Steel looks forward to another 120-plus years of steel making in Pittsburgh,” the spokesperson said.
Pennsylvania Lt. Gov. and U.S. Senate candidate John Fetterman speaks alongside his wife Gisele Fetterman and children during his 2022 U.S. midterm election night party in Pittsburgh Nov. 9, 2022. (Reuters/Quinn Gablicki / Reuters Photos)
The proposed acquisition by a foreign company sparked outcry across the political spectrum when first announced in December. Democratic Sen. John Fetterman of Pennsylvania vowed to block the “outrageous” merger. And former President Trump said he too would stop the deal.
President Biden has not publicly commented on the sale of U.S. Steel, though top White House aides said in December the acquisition merits “serious scrutiny.”
“President Biden is the most pro-union president that we’ve ever had,” McCall said in his interview with FOX Business, adding he is confident Biden will stop the merger.
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“We haven’t made an endorsement yet. We’ll do it in the near future,” McCall added.
McCall says the union will pursue its grievances, including arbitration, and will reach out to the administration about concerns.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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