U.S. Steel and the Japanese firm that had sought to acquire it are suing the Biden administration after the president announced he was blocking a proposed deal for the iconic American manufacturer. U.S. Steel and Japan's Nippon Steel said in a release Monday that President Joe Biden 'ignored the rule of law' in order to gain favor with United Steelworkers, the union representing many of U.S.
In announcing his veto of the deal, Biden said shifting the firm out of American hands would undermine critical supply chains and put jobs at risk. The Treasury committee, as well as Treasury Secretary Janet Yellen and Attorney General Merrick Garland, are also named in the suit. Representatives for the Biden administration and Cleveland-Cliffs did not immediately respond to a request for comment about the suits.
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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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