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Nippon Steel and U.S. Steel Sue to Overturn Blocked $15 Billion Merger

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Mergers And Acquisitions,Steel Industry,US Government

Nippon Steel and U.S. Steel have filed lawsuits challenging the Biden administration's decision to block their nearly $15 billion merger deal. One lawsuit targets the Committee on Foreign Investment in the U.S. and President Biden, while the second accuses competitor Cleveland-Cliffs, its CEO Lourenco Goncalves, and United Steelworkers President David McCall of illegally blocking the transaction. The companies argue that the merger would enhance U.S. national security and revitalize the American steel industry.

Nippon Steel and U.S. Steel have filed a lawsuit challenging the Biden administration's order to block the nearly $15 billion deal for the Japanese company to buy the American steelmaker. The lawsuit, filed in the U.S. Court of Appeals for the District of Columbia Circuit, asks the court to set aside an order by the Committee on Foreign Investment in the U.S. and President Biden to block the sale.

Nippon Steel had pledged to invest $2.7 billion in U.S. Steel's Mon Valley Works and the Gary Works as part of a modernization project aimed at making the facilities more competitive with international rivals. Nippon also said it would preserve the name, brand and headquarters of U.S. Steel and refrain from layoffs through 2026 had the deal gone through. Before accepting Nippon's offer, U.S. Steel turned down Cleveland-Cliffs' $7 billion buyout offer in 2023. Nippon and U.S.

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Biden decides to block Nippon Steel's $15 billion acquisition of U.S. Steel: ReportThe White House is expected to announce U.S. President Joe Biden’s decision to block Nippon Steel’s $15 billion takeover bid of U.S. Steel on Friday.
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