A lawsuit has been filed against the Biden administration challenging its decision to block the proposed merger between US Steel and Nippon Steel. The suit, lodged in the U.S. Court of Appeals for the District of Columbia, argues that the presidential intervention was politically motivated and violated the companies' due process rights.
The companies maintain that the merger would have strengthened US national security by revitalizing communities reliant on American steel, bolstering the domestic supply chain, and countering the threat from China. Nippon Steel had pledged to invest $2.7 billion in upgrading US Steel's aging blast furnace facilities in Indiana and Pennsylvania, and committed to maintaining US production capacity for a decade. Biden justified his decision by emphasizing the strategic importance of a domestically owned and operated steel industry for national security, stating that without it, the nation would be 'less strong and less secure.' While administration officials claim the decision was independent of US-Japan relations, this marks the first instance of a US president blocking a merger between a US and Japanese company. The president's action follows the Committee on Foreign Investment in the United States (CFIUS) failure to reach a consensus on the merger's potential national security implications, leading them to submit a report to Biden, who was then given 15 days to make a final determination
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