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US Steel, Nippon Steel Sue Biden Administration Over Blocked Merger

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Merger,Lawsuit,Biden Administration

Nippon Steel and U.S. Steel are challenging the Biden administration's decision to block their proposed $15 billion merger in a federal lawsuit. The companies argue the decision was politically motivated and violated their due process rights. They claim the merger would benefit U.S. national security by revitalizing communities, bolstering the steel supply chain, and strengthening the domestic industry against China. Nippon Steel had pledged to invest $2.7 billion in U.S. Steel's aging operations.

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The suit, filed Monday in the U.S. Court of Appeals for the District of Columbia, alleges that it was a political decision and violated the companies' due process.“From the outset of the process, both Nippon Steel and U. S.

Biden on Friday decided to stop the Nippon takeover — after federal regulators deadlocked on whether to approve it — because “a strong domestically owned and operated steel industry represents an essential national security priority. ... Without domestic steel production and domestic steel workers, our nation is less strong and less secure," he said in a statement.

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Nippon Steel to Sue US Government Over Blocked US Steel AcquisitionNippon Steel has announced plans to sue the US government after President Biden blocked their acquisition of US Steel, citing national security concerns. Nippon Steel claims the decision violates due process and was politically motivated. The deal, announced in December 2023, faced immediate political debate and pressure from steelworkers worried about job losses.
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