Union Calls for Trump to Block Nippon Steel's U.S. Steel Bid

The United Steelworkers union has appealed to President Donald Trump urging him to block the acquisition of U.S. Steel by Nippon Steel, a major Japanese company. Despite Nippon's promise to invest $14 billion in U.S. Steel, the union remains skeptical, as first reported by Reuters.

Following a national security panel's recommendation, the union accused Nippon Steel of underhanded tactics, including dumping steel in the U.S. for years and attempting to undermine American industry by acquiring U.S. Steel. They believe this merger could jeopardize national security.

When approached, Nippon Steel chose not to comment. U.S. Steel, whose stock fell by 1% immediately after the news, also did not respond to requests for comments. However, the company's shares rose by 1.4% on the same day.

(With inputs from agencies.)