TOKYO, Sept 24 Reuters Nippon Steel Vice Chairman Takahiro Mori said on Tuesday the Japanese company remains committed to talks with the United Steelworkers USW labour union over its bid to acquire U.S. Steel.
Separately, Nippon Steel said it would sell its entire stake in South Korean steelmaker Posco Holdings, worth about 820 million based on Monday39;s closing price in Seoul, amid reports it is looking to offload assets ahead of the U.S. Steel takeover. Nippon Steel said in a statement to the Tokyo exchange it will sell 2.9 million Posco shares in an effort to improve asset efficiency.
Mori, the key negotiator of the 14.9 billion buyout deal, said USW President David McCall has not seriously considered any of the proposals that we have presented in a letter to the U.S. Steel employees.
We just need USW leadership to come to the table. I am hopeful they will do so in the very near future, Mori wrote.
USW International President David McCall responded that Nippon Steel has never made a promise it couldnt easily undo with the stroke of a pen.
Its socalled guarantees are all conditional, allowing Nippon executives in Tokyo to change business plans at any time, leaving workers and their communities vulnerable, he added.
The deal has faced opposition from highprofile Democrats and Republicans ahead of the U.S. November presidential elections, including from Democrat candidate Kamala Harris and her Republican competitor Donald Trump.
Sources told Reuters last week…