WASHINGTON — Nippon Steel and U.S. Steel filed a federal lawsuit challenging the Biden administration’sfor Nippon to acquire Pittsburgh-based U.S. Steel.
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.The president’s decision to block the deal comes after the Committee on Foreign Investment in the United States, known as CFIUS,on the possible national security risks of the deal last month, and sent a long-awaited report on the merger to Biden. He had 15 days to reach a final decision.
The companies allege that Goncalves, in collusion with the U.S. Steelworkers, maneuvered to prevent any party other than Cleveland-Cliffs from acquiring U.S. Steel and to damage the Pittsburgh manufacturer’s ability to compete.
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