Sen. McCormick says U.S. Steel-Nippon Steel deal will help Mon Valley, but union leaders want more details

CBS News

4 hours ago

While McCormick says U.S. Steel-Nippon Steel deal will help Pittsburgh, union leaders want more deta
While McCormick says U.S. Steel-Nippon Steel deal will help Pittsburgh, union leaders want more deta
While McCormick says U.S. Steel-Nippon Steel deal will help Pittsburgh, union leaders want more deta
The U.S. Steel and Nippon deal continues to be a point of contention between labor and the presidential administration. President Trump is celebrating what he's calling a majority 51% American ownership. Unions like the United Steelworkers want to know more about what's in this deal.
According to Pennsylvania Republican Sen. Dave McCormick, the deal between Nippon and U.S. Steel would create investments in plants like the ones in the Mon Valley, but the United Steelworkers are still looking for details.
The union said it's still unknown if production would be leaving the Mon Valley for non-union plants in the South. The union also said it's not known if President Trump's "golden share" — an agreement that would give the president power to veto certain corporate decisions — would prevent such changes.
McCormick said this deal will protect American interests in steel.
"This is critical for our national security. It's critical for our economy, security," McCormick said.
Nippon Steel executives say that to acquire U.S. Steel, there needs to be a degree of management freedom for the company, Japan's Nikkei financial news outlet reported. The Japanese steelmaker said the company's stance is full ownership as a condition for investment.
McCormick said that under the deal, U.S. Steel headquarters will stay in Pittsburgh, along with at least 4,000 jobs. He argued the deal will put $2.4 billion into the Mon Valley.
"In the Mon Valley, it gives us certainty around production. It gives us certainty on the workforce," McCormick said.
United Steelworkers said the details of the deal matter. According to the union, the U.S. Steel name may remain, but it may be nothing more than a subsidiary of a Japanese company presenting itself as "American." The junior senator for Pennsylvania says we need investments.
"We want to encourage foreign direct investment in Pennsylvania, in the United States," McCormick said.
McCormick did not have a timeline on when we can expect full details to come out about the terms of this partnership.