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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