USW Statement on ArcelorMittal Joint Venture with Nippon and Sumitomo to Acquire ThyssenKrupp Steel
PITTSBURGH, Dec. 2, 2013 /PRNewswire-USNewswire/ -- The United Steelworkers (USW) today issued the following statement regarding the acquisition of ThyssenKrupp Steel USA (Alabama) by a joint venture of ArcelorMittal (NYSE: MT), Nippon Steel and Sumitomo Metal Corporation:
"The USW is generally supportive of the acquisition. This deal has the potential to bring several positive outcomes to the market, among them reducing imports of unfairly traded finished foreign goods. Obviously, the union has some concerns about the impact the agreement could have on the approximately 13,000 USW members employed as production, maintenance, office and technical workers at ArcelorMittal facilities throughout the U.S. and Canada."
"Our contract is structured to minimize any potential negative impact from such a transaction while providing steelworkers an opportunity to share in the company's overall success. The USW will conduct its own research and will maintain our own world class production standards while supporting management's effort to integrate the new facility as smoothly as possible."
"In the meantime, we will continue our analysis and immediately schedule meetings with management and then with our local union leadership to share information and consider our next steps."
The USW represents 850,000 men and women employed in metals, mining, pulp and paper, rubber, chemicals, glass, auto supply and the energy-producing industries, along with a growing number of workers in public sector and service occupations.
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SOURCE United Steelworkers (USW)