economy
Union bosses almost blew the Nippon deal. Don’t let them kill the next contract
When Nippon Steel put a $14.9 billion offer on the table for U.S. Steel in December 2023, the American steel industry looked like this: roughly 89.7 million net tons of raw steel produced that year, about 83,950 workers employed across iron and steel manufacturing, and a United Steelworkers union representing roughly 540,000 reported members across steel, aluminum, mining, and other sectors.
TL;DR
- USW leadership opposed the Nippon Steel acquisition of U.S. Steel, despite significant member support and the deal's eventual benefits.
- During the acquisition period, USW membership declined while its net assets grew, and spending on employees and lobbying far exceeded strike benefits.
- The Nippon Steel acquisition has led to substantial capital investment in USW facilities and is projected to create thousands of jobs and significant tax revenue.
- Current contract negotiations for U.S. Steel workers are being delayed, with concerns that leadership is not prioritizing members' top bargaining issues.
- A strong offer is on the table, and the article urges USW leadership to secure a favorable contract quickly to avoid negative consequences for workers and their communities.