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Steelmakers Sue Biden Administration Over Blocked Merger

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Merger,Acquisition,Nippon Steel

Nippon Steel and U.S. Steel filed lawsuits challenging the Biden administration's decision to block Nippon's acquisition of U.S. Steel, alleging political motives and lack of legal basis. Biden cited national security concerns, stating the need for a strong domestic steel industry.

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. The steelmakers allege that it was a political decision made by the Biden administration that had no rational legal basis. They claim 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. 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 firm. Biden departs the White House in just a few weeks

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Biden to Block Nippon Steel's Acquisition of U.S. SteelPresident Joe Biden is expected to block Nippon Steel's $1.4 billion acquisition of U.S. Steel, citing national security concerns. The Committee on Foreign Investment in the United States (CFIUS) had reviewed the deal for months and referred the decision to Biden after failing to reach a consensus. While some of Biden's advisors expressed concerns about potential damage to U.S.-Japan relations, the president ultimately decided to prioritize national security interests.
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U.S. Steel and Nippon Steel Sue Biden Administration Over Blocked MergerNippon Steel and U.S. Steel have filed a lawsuit challenging the Biden administration's decision to block their proposed merger. The companies argue that the decision was politically motivated and violated their due process rights.
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