Steel Giants Sue Biden Over Blocked Merger

By Fatima Hussein, Associated PressThe Nippon Steel logo at the company's Kashima Plant in Japan. (AP Photo/Ayaka McGill, File) WASHINGTON — Nippon Steel and U.S. Steel filed a federal lawsuit challenging a Biden administration decision to block Nippon’s proposed $15 billion acquisition of the Pittsburgh company and said that the head of the Steelworkers union and a rival steelmaker worked together to scuttle the buyout. Biden said Friday that U.S.

companies producing a large amount of steel need to “keep leading the fight on behalf of America’s national interests,” though Japan, where Nippon is based, is a strong ally. In separate lawsuits filed Monday in the U.S. Court of Appeals for the District of Columbia and the U.S. District Court for the Western District of Pennsylvania, the steelmakers allege that it was a political decision made by the Biden administration that had no rational legal basis. “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,” the companies said in a prepared statement Monday. Nippon Steel had promised to invest $2.7 billion in U.S. Steel’s aging blast furnace operations in Gary, Indiana, and Pennsylvania’s Mon Valley. It also vowed not to reduce production capacity in the United States over the next decade without first getting U.S. government approval. 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. While administration officials have said the decision was unrelated to Japan’s relationship with the U.S. — this is the first time a U.S. president has blocked a merger between a U.S. and Japanese fir

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