The Biden administration is facing lawsuits from U.S. Steel and Nippon Steel over the blocking of a $15 billion acquisition deal. The companies allege that the Biden administration, in coordination with the United Steelworkers (USW) and Cleveland-Cliffs, illegally sabotaged the deal to appease the USW. They claim that the Committee on Foreign Investment in the United States (CFIUS) did not conduct a proper review process. The proposed acquisition, reported in 2023, would have seen U.S.
Steel sold to Nippon Steel. U.S. Steel, founded in 1901 by Andrew Carnegie, J.P. Morgan, and Charles Schwab, played a crucial role in World War II as a key supplier for the U.S. Armed Forces. They attempted to engage former Secretary of State Mike Pompeo to lobby both the Trump and Biden administrations to reconsider their stance on the acquisition, but the effort was unsuccessful
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