Nippon Steel has decided to sue the US government, challenging the procedures behind President Joe Biden’s order to block its acquisition of US Steel, the Nikkei business daily“A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains,” Biden said in a
With the order, the companies have to formally abandon the deal within 30 days. Biden also authorized the Attorney General to enforce the decision.“We are dismayed by President Biden’s decision to block Nippon Steel’s acquisition of U.S. Steel, which constitutes a clear violation of due process. Instead of adhering to the law, the process was manipulated to advance President Biden’s political agenda.
Biden’s order leaves US Steel facing challenging decisions, including the potential need to restart the sale process. Cleveland-Cliffs Inc., which initially sought to acquire US Steel before Nippon Steel secured the bid, has since acquired a Canadian producer.
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