Economy

Sale of U.S. Steel, Including Kosice Steelworks, Confirmed by Trade Union Leader

U.S Steel Kosice (stock photo by TASR)

        Kosice, December 18 (TASR) - The purchase of American corporation U.S. Steel, including Kosice steelworks, by Japan's Nippon Steel was confirmed for TASR by head of the trade union at U.S Steel Kosice Juraj Varga on Monday.
        "What has been published is true. We had an afternoon meeting with the company management in Kosice, where they informed us that the entire corporation is being sold to a Japanese steel company. It will take place next year," he said.
        Nippon Steel announced on Monday that it has secured financing for the $14.9 billion (€13.61 billion) deal.
        "Fundamentally, nothing will change for now, for the employees for sure, we still have work. All the agreements that are valid will continue to be valid. How will it continue as part of the strategy of the entire transaction, and what will be the consequences for us in Kosice, time will tell. I assume that maybe a year from now at this time we'll know more specific steps," said the union leader.
        Taking over the factory will be a long-term process, and the collective agreement will be respected by all parties. A process of collective bargaining is currently underway. "Our employers have informed us that they don't accept our proposal, but that they want to meet after January 15, so we'll see and start negotiating around the table," stated Varga.

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