Nippon Steel Corp. is raising its capital commitment by more than $1 billion to spend on U.S. Steel's plants amid entrenched political and labor opposition to the Japanese company’s acquisition of the American steelmaker.
FILE - A U.S. Steel logo is seen on a water tower, May 2, 2019, at U.S. Steel's Edgar Thomson Works in Braddock, Pa. – Nippon Steel Corp. raised its capital commitment Thursday by more than $1 billion to spend on U.S. Steel's plants amidNippon Steel's $1.3 billion commitment to upgrade facilities in Pennsylvania and Indiana is on top of an earlier commitment to spend $1.4 billion.The announcement was lauded by David Burritt, U.S.
“The bottom line is these are investments in the future of integrated American steelmaking and the employees, families and communities that rely on it,” Burritt said in a statement.. The union filed a grievance, which was completed Aug. 15, and the case is now in the hands of the three members of the arbitration board, the union said.
The union's leaders dismissed Nippon's commitment, saying that U.S. Steel has already broken a string of promises that include shutting down plants and canceling capital investments, such as
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