- Rookie McCarty captures first PGA Tour title in Black Desert Championship
- Australia all-rounder Green ruled out of India Test series
- Seeing double in Nigeria's 'twins capital of the world'
- UK FM to attend EU foreign affairs talks for first time in 2 years
- Carter, Billups among 13 new Basketball Hall of Fame inductees
- Ravens rip Commanders as Lions lose NFL sacks leader in win
- Hezbollah drone strike kills four, wounds dozens at Israeli base
- China says launches military drills around Taiwan
- Stewart leads Liberty past Lynx to level WNBA Finals
- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
- Dominant England crush Scotland at Women's T20 World Cup
- Dropped: The rise and fall of Pakistan batting maestro Babar Azam
- Israel fights Hezbollah on the ground, pounds Lebanon from the air
- Sabalenka outlasts local hero Zheng to win third Wuhan Open title
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Former Pakistan captain Azam dropped for second England Test
- 'Opportunist' Dupont dazzles on Toulouse return
- Australia replace injured Vlaeminck with Graham at Women's T20 World Cup
- Sinner wins Shanghai Masters to deny Djokovic 100th career title
- Ubisoft fears assassin's hit over falling sales
- Israel hits Lebanon from the air and fights Hezbollah on the ground
- China's Yin has 'goosebumps' as she romps to LPGA win in Shanghai
Union slams Nippon Steel's $14.1 bn deal for US Steel
A major US union representing steelworkers slammed the deal by Japan's Nippon Steel to buy US Steel Corp for $14.1 billion, which was confirmed on Monday just months after US Steel rejected an offer from its main domestic rival.
The leading Japanese steelmaker will acquire the company in an all-cash deal at $55 per share, a 40 percent premium above its closing price on Friday and representing an equity value of about $14.1 billion, the companies said in a statement.
Nippon will also assume the US firm's debt, taking the total deal to $14.9 billion.
The US company's share price surged more than 27 percent after the move was announced.
- USW slams deal -
Although traders on Wall Street liked the deal, the United Steelworkers (USW) union was unimpressed by the announcement.
In a statement, USW International President David McCall said the deal demonstrated "the same greedy, shortsighted attitude that has guided U.S Steel for far too long."
"Neither US Steel nor Nippon reached out to our union regarding the deal, which is in itself a violation of our partnership agreement that requires US Steel to notify us of a change in control or business conditions," he added.
Nippon Steel said in a statement that it would honor all collective bargaining agreements with USW, as part of a "commitment to maintaining strong stakeholder relations."
US Steel launched a strategic review in August after receiving several unsolicited offers for a partial or total takeover.
It rejected an offer from its main US competitor Cleveland-Cliffs, which valued the merger at around $10 billion.
USW had indicated it supported the deal put forward by Cleveland-Cliffs.
- Expanding production -
The acquisition will significantly expand Nippon's current production in the United States to an annual crude steel capacity of 86 million metric tons.
"We are excited that this transaction brings together two companies with world-leading technologies and manufacturing capabilities, demonstrating our mission to serve customers worldwide," Nippon Steel President Eiji Hashimoto said in a statement.
He added that the deal also underscored the firm's "commitment to building a more environmentally friendly society through the decarbonisation of steel."
"Today's announcement also benefits the United States -– ensuring a competitive, domestic steel industry, while strengthening our presence globally," US Steel President and CEO David Burritt said.
"Our shared decarbonisation focus is expected to enhance and accelerate our ability to provide customers with innovative steel solutions to meet sustainability goals," he added.
US Steel's appeal, according to analysts and industry insiders, stems from the fact it is about to complete a costly investment plan, including the installation of electric arc furnaces instead of coal-fired blast furnaces, to reduce its carbon footprint.
Both boards of directors have unanimously approved the deal, which is subject to approval by US Steel's shareholders, the firms said.
Nippon Steel has some 160,000 workers globally, including in Japan, India, Brazil, Thailand and Sweden.
The firm has had a presence in the United States for around four decades, and currently employs around 4,000 people -- 620 of which are USW workers.
US Steel, which was founded in 1901 and had almost 23,000 employees at the end of last year, has its manufacturing facilities in the United States and Slovakia.
P.Mathewson--AMWN