{"id":2004363,"date":"2023-08-17T23:14:02","date_gmt":"2023-08-18T03:14:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-steel-says-union-cannot-block-companys-sale\/"},"modified":"2023-08-17T23:15:47","modified_gmt":"2023-08-18T03:15:47","slug":"u-s-steel-says-union-cannot-block-companys-sale","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-steel-says-union-cannot-block-companys-sale\/","title":{"rendered":"U.S. Steel: Union can&#8217;t hinder sale."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-steel-says-union-cannot-block-companys-sale%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2004363&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>U.S. Steel&#8217;s Labor Agreement Does Not Grant Union Veto Power \u200cOver Potential Sale<\/strong><\/p>\n<p>U.S.\u200c Steel made an announcement on Thursday \u200dclarifying that its labor agreement with United Steel \u2063Workers (USW) does not give \u200bthe \u200dunion the\u200b authority \u2062to \u200dveto a\u200b sale of \u2063the company \u200cresulting from its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-steel-says-union-cannot-block-companys-sale\/\" title=\"U.S. Steel: Union can't hinder sale.\">ongoing\u200b strategic review<\/a>.<\/p>\n<p>This \u2064statement from U.S. Steel comes in response to \u2063USW&#8217;s\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/noted-biblical-scholar-don-lemon-says-god-not-about-judging-people-video\/\" title=\"Noted Biblical Scholar Don Lemon Says God Not About Judging People (VIDEO)\">recent declaration<\/a> that it \u2064would only support Cleveland-Cliffs Inc as a potential buyer for\u2064 the \u200ccompany. \u200bThe \u200cunion praised Cliffs, stating that the company has been\u200d an exceptional employer for \u2062its workers.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>U.S. Steel, which rejected Cliffs&#8217; $7.8 billion cash-and-stock offer as insufficient, has stated that it is \u200bconsidering &#8220;multiple unsolicited proposals.&#8221; In addition to the offer from \u200dEsmark Inc, which\u2063 amounts to $7.8 billion in cash, U.S. Steel has also attracted interest from ArcelorMittal \u2063SA.<\/p>\n<p>In a regulatory filing, \u200dU.S. Steel \u200bclarified that its agreement with the union allows the union to present\u2062 its own acquisition offer\u200c for assets covered \u2064under their\u200b bargaining agreement. However, if the \u2064union fails to\u200d submit a superior offer, U.S. Steel retains the right to sell itself to the\u2062 bidder \u200dof its choice.<\/p>\n<p>Representatives from USW have not \u200byet responded to requests for \u2063comment.<\/p>\n<p>The union has transferred its right \u2064to counterbid for U.S. Steel\u200c assets to Cliffs, as disclosed in a statement\u200d by Cliffs on Thursday. It remains uncertain whether this transfer will impact the outcome of\u200d the \u200bbidding\u200b process, considering\u200b that Cliffs was already participating.<\/p>\n<p>In a presentation on its website, Cliffs\u200d had \u200bpreviously argued that the union&#8217;s labor agreement with U.S. \u2063Steel grants it a\u200d &#8220;practical\u200d right \u2062to veto&#8221; a deal. Cliffs pointed to the requirement for the acquirer to reach a labor agreement\u200c with the union before completing the transaction as \u200ca potential obstacle to a company sale.<\/p>\n<p>Cliffs also \u200bconfirmed on Thursday that it would maintain \u2062all \u2062existing arrangements between U.S.\u2064 Steel and union workers if its bid is\u2064 successful.<\/p>\n<p>(Reporting\u2062 by Ananta Agarwal in Bengaluru; Editing by David Gregorio and Muralikumar Anantharaman)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/u-s-steel-says-union\/attachment\/file-photo-file-photo-the-general-view-of-u-s-steel\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Prosecutors Announce Major Break in Murder Case of Microsoft\u200c Executive Jared Bridegan<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>President Robert L. 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However, U.S. Steel clarified that the labor agreement does not grant the union the power to block any potential sale resulting from the ongoing strategic review. This statement follows USW&#8217;s declaration of support exclusively for Cleveland-Cliffs Inc as a potential purchaser.<\/p>\n","protected":false},"author":66,"featured_media":2004364,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2004363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2004363"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004363\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2004364"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2004363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2004363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2004363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}