"In its desperate attempt to save a doomed deal, US Steel executives have turned to one of the oldest tricks in the book: attempting to divide USW members and retirees to distract us from the multi-million-dollar payoffs they stand to gain personally," McCall wrote in the memo.
Earlier this week, some workers supported the deal, and the new owner after U.S. Steel warned that the failure of the takeover might cause some plants to shut down.
"Many people profess to want what is best for our employees, and that is why we negotiated a deal with a partner who will bring $2.7 billion of transformative investments in USW-represented facilities, keeping them in operation for decades to come," U.S. Steel commented on McCall’s memo.
Why It Matters: The Japanese steelmaker has engaged with the USW leadership 32 times, through face-to-face meetings, emails, and phone calls.
Amid the mixed views over the deal by union members and other stakeholders, The Committee on Foreign Investment, the legislative committee responsible for reviewing the deal is yet to send a recommendation on the deal as of Wednesday, according to a U.S. official.
Price Action: U.S. Steel was up 4.04% and traded at $34.74 on Thursday. In after-hours trading, the stock dipped 0.98%. U.S. Steel has seen a decline of 27.56% this year, according to data from Benzinga Pro.
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