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. They allege that the head of the Steelworkers union and a rival steelmaker worked together to scuttle the buyout. Biden stated that U.S. companies producing a large amount of steel need to 'keep leading the fight on behalf of America’s national interests,' although 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 claim the decision was politically motivated and lacked a rational legal basis. They argue the merger would benefit U.S. national security by revitalizing communities reliant on American steel, bolstering the supply chain, and strengthening the domestic industry against China. Nippon Steel had pledged to invest $2.7 billion in U.S. Steel's aging blast furnace operations in Gary, Indiana, and Pennsylvania's Mon Valley, and promised not to reduce U.S. production capacity for a decade without government approval. Biden blocked the takeover after federal regulators deadlocked on approval, citing a 'strong domestically owned and operated steel industry' as essential to national security. While administration officials maintain the decision was unrelated to Japan's relationship with the U.S., this marks the first time a U.S. president has blocked a foreign company's acquisition of a major U.S. steelmaker
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