Arbitration board rules in favor of US Steel, may proceed with proposed sale to Nippon Steel

AP Business Writer

An arbitration board has ruled that U.S. Steel may proceed with its proposed acquisition by Nippon Steel. The board, which was jointly chosen by U.S. Steel and the United Steelworkers to decide disputes between them, said Wednesday that U. S. Steel has satisfied each of the conditions of the successorship clause of its basic labor agreement with the union and that no further action under the agreement was necessary in order to proceed to closing the proposed transaction with Nippon Steel.