CLEVELAND, Ohio -- The CEO of Cleveland-Cliffs weighed in Monday on Nippon Steel’s failed acquisition of U.S. Steel, and a newly filed lawsuit that accuses the Cleveland company of working to block the merger.
Cleveland-Cliffs offered to buy U.S. Steel in 2023 for $7 billion, but the offer was rejected in favor of a competing $15 billion all-cash offer from Nippon Steel. Biden blocked the purchase on Friday on national security grounds. He also noted how Vice President-elect J.D. Vance was among those who urged Biden to reject the deal, which came after a year-long national security review. Goncalves said the security review “underscores the importance of maintaining American control over our country’s critical steelmaking infrastructure.”
The lawsuit filed against Cleveland-Cliffs in the U.S. District Court for the Western District of Pennsylvania was one of two from Nippon and U.S. Steel in the aftermath of Biden’s decision. The other suit, filed in the U.S. Court of Appeals for the District of Columbia, challenges the Biden administration’s decision, claiming it was political and that it violated the companies’ due process rights, the AP reported.“As of this morning, Nippon Steel and U.S.
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U.S. Steel CEO Blames Biden for Blocking Nippon Steel AcquisitionThe CEO of U.S. Steel, David Burritt, criticized President Biden for blocking the proposed $14 billion acquisition of U.S. Steel by Japan-based Nippon Steel, arguing that the move demonstrates a lack of respect for the rule of law and emboldens foreign adversaries like China. Burritt stated that the Biden administration failed to follow proper procedures and that the Committee on Foreign Investment in the U.S. (CFIUS) process was neither robust nor confidential.
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Nippon Steel says it's suing Biden admin for blocking US Steel acquisitionNippon Steel and U.S. Steel have filed a lawsuit challenging the Biden administration's order to block the nearly $15 billion deal for the Japanese company to buy the American steelmaker.
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Nippon Steel and U.S. Steel Sue to Overturn Blocked $15 Billion MergerNippon Steel and U.S. Steel have filed lawsuits challenging the Biden administration's decision to block their nearly $15 billion merger deal. One lawsuit targets the Committee on Foreign Investment in the U.S. and President Biden, while the second accuses competitor Cleveland-Cliffs, its CEO Lourenco Goncalves, and United Steelworkers President David McCall of illegally blocking the transaction. The companies argue that the merger would enhance U.S. national security and revitalize the American steel industry.
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