On September 25th local time, US Steel announced that the arbitration committee jointly selected by US Steel and the United Steelworkers (USW) to arbitrate the dispute between the two parties has ruled that US Steel has met all the conditions of the inheritance clause in its Basic Labor Agreement (BLA) with USW and can complete the pending transaction between US Steel and Nippon Steel without further action.
Previously, USW appealed that the inheritance clause in BLA was not met and did not support the draft agreement for Japan Steel to acquire US Steel. Currently, US Steel has stated that all outstanding issues related to BLA have been resolved in the transaction with the completion of the arbitration proceedings. US Steel and Nippon Steel will continue to advance the review of pending transactions by US regulatory agencies and strive to complete the transactions by the end of this year.