US Steel Lawsuit Alleges Biden Administration Blocked Acquisition to Favor Unions

The Biden administration for blocking the acquisition as well as the United Steelworkers (USW) and the Ohio-based Cleveland-Cliffs, which U.S. Steel and Nippon Steel allege illegally coordinated to tank the acquisition. U.S. Steel and Nippon Steel allege that Biden stopped the acquisition to win favor with the USW even as he is an outgoing president. As a result, the lawsuits claim, the Committee on Foreign Investment in the United States (CFIUS) did not conduct a proper review process.

reported in 2023, U.S. Steel and Nippon Steel executives sought a nearly $15 billion deal that would have seen the iconic American steel giant — vital to the U.S. Armed Forces in World War II against Japan — sold off to the Japanese company.former Secretary of State Mike Pompeo to lobby Trump and the Biden administration to change their positions on the acquisition. The lobbying effort, though, failed. U.S. Steel was founded in 1901 by Andrew Carnegie, J.P. Morgan, and Charles Schwab and served a critical role in the nation’s “Arsenal of Democracy” during WWII. Among several American companies that helped the Allies defeat the Axis Powers, which included Imperial Japan, U.S. Steel made the U.S. the world’s largest steel producer during the war, with Pennsylvania becoming the nation’s steel capital

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Nippon Steel says it's suing Biden admin for blocking US Steel acquisitionNippon Steel and U.S. Steel have filed a lawsuit challenging the Biden administration's order to block the nearly $15 billion deal for the Japanese company to buy the American steelmaker.
Fonte: FoxBusiness - 🏆 458. / 53 Leggi di più »

Nippon Steel Considers Lawsuit After US Blocks U.S. Steel AcquisitionNippon Steel, the Japanese steel giant, is considering legal action against the U.S. government after President Biden blocked its $14.9 billion acquisition of U.S. Steel. The proposed deal faced strong opposition due to national security concerns over a potential decline in domestic steel production.
Fonte: dcexaminer - 🏆 6. / 94 Leggi di più »

Cleveland-Cliffs CEO Blasts Lawsuit Over Blocked US Steel-Nippon Steel MergerLourenco Goncalves, CEO of Cleveland-Cliffs, criticized a lawsuit filed by U.S. Steel and Nippon Steel alleging that Cleveland-Cliffs and the United Steelworkers union conspired to block their proposed merger. Goncalves termed the lawsuit a 'shameless effort' and stated that the failure of the merger was due to 'self-inflicted disaster' by the involved parties. He emphasized that the deal faced bipartisan opposition and national security concerns, ultimately leading to President Biden's rejection.
Fonte: clevelanddotcom - 🏆 301. / 63 Leggi di più »