News Formal

Steel Companies Sue Biden Administration Over Blocked Merger

  • 📰 SooToday
  • ⏱ Reading Time:
  • 43 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 37%
  • Publisher: 85%

Business News

Merger,Steel Industry,National Security

Nippon Steel and U.S. Steel filed a lawsuit challenging the Biden administration's decision to block their proposed $15 billion merger, arguing it was a political decision that violated their due process rights. The companies maintained the deal would benefit national security by revitalizing communities, bolstering the steel supply chain and strengthening the domestic industry against China. Biden blocked the takeover, citing the importance of a strong domestically owned and operated steel industry for national security.

WASHINGTON — Nippon Steel and U.S. Steel filed a federal lawsuit challenging the Biden administration's decision to block a proposed nearly $15 billion deal for Nippon to acquire Pittsburgh-based U.S. Steel..

“From the outset of the process, both Nippon Steel and U. S. Steel have engaged in good faith with all parties to underscore how the Transaction will enhance, not threaten, United States national security, including by revitalizing communities that rely on American steel, bolstering the American steel supply chain, and strengthening America’s domestic steel industry against the threat from China," the companies said in a prepared statement Monday.

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Biden to Block Nippon Steel's Acquisition of U.S. SteelPresident Joe Biden is expected to block Nippon Steel's $1.4 billion acquisition of U.S. Steel, citing national security concerns. The Committee on Foreign Investment in the United States (CFIUS) had reviewed the deal for months and referred the decision to Biden after failing to reach a consensus. While some of Biden's advisors expressed concerns about potential damage to U.S.-Japan relations, the president ultimately decided to prioritize national security interests.
Source: globeandmail - 🏆 5. / 92 Read more »

Biden will decide on US Steel acquisition after influential panel fails to reach consensusWASHINGTON (AP) — A powerful government panel on Monday failed to reach consensus on the possible national security risks of a nearly $15 billion proposed deal for Nippon Steel of Japan to purchase U.S.
Source: SooToday - 🏆 8. / 85 Read more »