Dude....Read Section D fully on pages 17-19. Concentrate on paragraph 4. It says the Union SHALL have the sole right to either TERMINATE the Agreement, or extend the BLA for an additional three years.
Basically, that means the Newco buys X, then 60 days later has to halt production due to strike if they don't appease the USW.
What company wants to purchase X right now, to either go through a strike or have this very LUCRATIVE agreement (which was negotiated in 2008 when X was sky high) extended for three years?
The Union can't block anything. All we have ia a successor ship clause that guarantees our rights under the current BLA. As far as Michelle Applebaum goes, another talking head reading somebody elseswork and giving her spin on it. If you know anything about antitrust laws, you would need Applebaum to tell your that monopolies are not welcome here in America, which it would be merging the largest integrated mills here. And what's wrong with American based and owned??? Buy your forign stuff and good luck!
Forbes magazine for 2010
5-Year Compensation Total
John P Surma has been CEO of US Steel (X) for 6 years. Mr. Surma has been with the company for 13 years. The 55 year old executive ranks 12 within Material
I agree...one side note on this...its a shame that the unions are powerful enough to block a deal even though it might be in the best interest of the company and its suvival. Dont think anyone will want to buy X and have to deal with the unions and their huge debt.
The union is powerless, look what they did to 6000 employees at RG Steal. The union let Ira Rennert renege on the contract and leave it's 6000 dues paying members with no healthcare, no severance, and in the case of the old Wheeling Pittsburgh Steel employees 3 pensions were robbed from them while the so- called union stood by. Paid USW dues for 42 years-what a waste of money. USW Scam!!!