Nippon Steel, US Steel sue to challenge Biden administration's block of merger
(MENAFN) Nippon Steel and US Steel have filed a lawsuit to contest the Biden administration's decision to block their nearly USD15 billion deal for the Japanese company to acquire the American steelmaker.
The lawsuit, submitted to the US Court of Appeals for the District of Columbia Circuit, seeks to overturn the order issued by the Committee on Foreign Investment in the U.S. and President Biden to halt the transaction.
In addition, the companies filed a second lawsuit against competitor Cleveland-Cliffs, its CEO Lourenco Goncalves, and United Steelworkers (USW) President David McCall. The lawsuit accuses them of unlawfully colluding to prevent the merger and harming U.S. Steel’s competitiveness.
“From the beginning of the process, both Nippon Steel and US Steel have worked in good faith with all parties to emphasize how the transaction will strengthen US national security. It will revitalize communities dependent on American steel, enhance the American steel supply chain, and fortify the domestic steel industry against China's threats," the companies stated in a press release on Monday. "Nippon Steel is the only partner both willing and capable of making the required investments.”
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