US Steel and Nippon Steel, whose $14.3 billion merger was blocked by President Joe Biden last week, filed a lawsuit against the US government Monday, claiming Biden’s executive order to bar the companies from combining was signed for “purely political reasons.” The companies said that Biden had “ignored the rule of law to gain favor with … (the United Steelworkers union) and support his political agenda.
” In addition to the suit seeking to throw out Biden’s order, the companies filed a separate suit against Lourenco Goncalves, CEO of rival steelmaker Cleveland-Cliffs and Dave McCall, president of the USW, for their actions to try to block the deal, which the suit charges are “anticompetitive and racketeering activities illegally designed to prevent any party other than Cliffs from acquiring US Steel as part of an illegal campaign to monopolize critical domestic steel markets.” In addition to seeking to block Cliffs and the USW from acting together, that separate lawsuit seeks “substantial monetary damages for their conduct.
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Nippon Steel to Sue US Government Over Blocked US Steel AcquisitionNippon Steel has announced plans to sue the US government after President Biden blocked their acquisition of US Steel, citing national security concerns. Nippon Steel claims the decision violates due process and was politically motivated. The deal, announced in December 2023, faced immediate political debate and pressure from steelworkers worried about job losses.
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Nippon Steel may sue US government over Biden’s decision to block US Steel acquisitionNippon Steel, whose multibillion-dollar proposal to buy struggling US Steel was blocked by President Joe Biden last week, says it is considering taking legal action against the US government.
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U.S. Steel and Nippon Steel Sue Biden Administration Over Blocked MergerNippon Steel and U.S. Steel are challenging the Biden administration's decision to block their proposed $15 billion merger in a federal lawsuit.
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Nippon Steel and U.S. Steel Sue Biden Administration Over Blocked MergerNippon Steel and U.S. Steel are taking legal action against the Biden administration after their proposed $15 billion merger was blocked. The companies argue that the decision is politically motivated and harmful to American workers.
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US Steel, Nippon Steel Sue Biden Administration Over Blocked MergerNippon Steel and U.S. Steel are challenging the Biden administration's decision to block their proposed $15 billion merger in a federal lawsuit. The companies argue the decision was politically motivated and violated their due process rights. They claim the merger would benefit U.S. national security by revitalizing communities, bolstering the steel supply chain, and strengthening the domestic industry against China. Nippon Steel had pledged to invest $2.7 billion in U.S. Steel's aging operations.
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Nippon Steel and U.S. Steel Sue Biden Administration Over Blocked MergerNippon Steel and U.S. Steel filed a federal lawsuit challenging President Biden's decision to block their proposed $15 billion merger, alleging a political motivation and violation of due process. The companies argue the deal would benefit U.S. national security, revitalize communities, and bolster the domestic steel industry against Chinese competition. Biden blocked the merger, citing the importance of a strong domestically owned steel industry for national security.
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