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What will be the impact on union jobs if U.S. Steel's deal with Nippon Steel collapses by the end of 2024?
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Resolution / Starting Odds
No significant impact • 25%
Up to 1,000 jobs lost • 25%
1,000 to 3,000 jobs lost • 25%
More than 3,000 jobs lost • 25%
Company press releases or major financial news outlets like Wall Street Journal or Bloomberg
Story
U.S. Steel Warns of Plant Closures, $14.9B Deal Collapse Could Move HQ from Pittsburgh
Sep 4, 2024, 12:02 PM
U.S. Steel has announced that it would close steel mills and likely move its headquarters out of Pittsburgh if its $14.9 billion planned sale to Nippon Steel collapses, according to the Wall Street Journal. CEO David Burritt emphasized that the deal is crucial for the company's future, as Nippon Steel plans to invest $3 billion in older mills to keep them competitive. The failure of the deal could result in a significant shift away from traditional blast furnace operations, putting thousands of union jobs at risk and impacting communities where these facilities are located. The company would focus production and management in the right-to-work South if the deal falls through.
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Approved without conditions • 25%
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