Nippon Steel and U.S. Steel Sue Biden Administration Over Blocked Acquisition

Nippon Steel Corporation and U.S. Steel on Monday filed a federal lawsuit challenging the Biden administration's decision to block Nippon's proposed $15 billion acquisition of the Pittsburgh-based steel giant.The lawsuit also accuses the United Steelworkers union president and a competing steelmaker of collaborating to derail the deal.President Joe Biden blocked the deal between Nippon and U.S. Steel earlier this month due to 'national security' concerns.

The decision came at a politically sensitive time as Biden prepares to depart the White House on January 20 to make way for President-elect Donald Trump.Meanwhile, U.S. Steel is considered a critical component of the country's defense and infrastructure. Biden's last-minute rejection of the deal suggests growing governmental tensions between maintaining domestic control over key industries and fostering international investment.In legal filings submitted Monday to the U.S. Court of Appeals for the District of Columbia and the U.S. District Court for the Western District of Pennsylvania, Nippon Steel and U.S. Steel claimed the Biden administration's move to block the acquisition was politically motivated and lacked any legitimate legal foundation.Nippon Steel pledged a $2.7 billion investment to modernize U.S. Steel's aging blast furnaces in Gary, Indiana, and Pennsylvania's Mon Valley. The company also committed to maintaining U.S. production capacity for at least the next decade, contingent on prior approval from the federal government for any reductions.In a statement last week, Biden said he stopped the takeover 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.'Administration officials have denied any connection between the decision and U.S.-Japan relations. However, the move marks the first instance of a U.S

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