Now that the planned $14.9 billion acquisition of U.S. Steel has fallen through, Imai is considering filing a lawsuit against the U.S. government, saying it is one of the “important options.” Imai added that any such move against the U.S. government would not take long. A Nippon Steel spokesperson also confirmed the company plans to hold a press conference to discuss Biden’s decision, but no date has yet been announced. Nippon Steel President Tadashi Imai is weighing suing the U.S.
government after a deal to buy U.S. Steel was blocked by President Joe Biden late last week. (AP) The proposed deal to acquire the U.S. steel company was announced in 2023, leading to immediate backlash, particularly from the Rust Belt. U.S. Steel has been a fixture of that region since its founding in 1901. U.S. Steel’s shareholders approved the acquisition in April of 2024, and warned that if the sale was cut off, the company would be forced to downsize and cut jobs. However, the Committee on Foreign Investment in the United States warned in a letter last month that if the deal led to a decline in domestic steel production, it could raise national security concerns, as China is home to a majority of the world’s biggest steel producers.After finding “credible evidence” that the purchase of the company could threaten national security, Biden blocked the deal on Thursday, less than three weeks before his time in office comes to a close. President-elect Donald Trump, who is set to be inaugurated on Jan. 20, had previously vowed to block the deal “instantaneously” upon assuming the presidency.as much as 2.3% on Monday in Tokyo
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