Nippon Steel and U.S. Steel filed a federal lawsuit Monday challenging a Biden administration decision to block Nippon's proposed $15 billion acquisition of the Pittsburgh company and said that the head of the Steelworkers union and a rival steelmaker worked together to scuttle the buyout.In moving to block the transaction Friday, Biden said 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.In separate lawsuits filed Monday in the U.S. Court of Appeals for the District of Columbia and the U.S. District Court for the Western District of Pennsylvania, the steelmakers allege that it was a political decision made by the Biden administration that had no rational legal basis.“Nippon Steel and U. S. Steel have engaged in good faith with all parties to underscore how the Transaction will enhance, not threaten, United States national security,' the companies said in a prepared statement Monday.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, and had said it is best positioned to help the U.S. compete in an industry dominated by the Chinese.U.S. Steel has warned that, without Nippon Steel’s cash, it will shift production away from the blast furnaces to cheaper non-union electric arc furnaces and move its headquarters out of Pittsburgh.Biden on Friday halted the 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
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US Steel and Nippon Steel Sue Biden to Overturn $15 Billion Merger BlockU.S. Steel and its would-be Japanese suitor Nippon Steel have filed lawsuits to defend their $15 billion merger after President Biden blocked the deal citing national security concerns. The companies accuse Biden of violating their due process rights and interfering with a good-faith regulatory review, alleging his opposition was politically motivated to appease the steelworkers' union. A separate lawsuit targets the steelworkers union and a rival steelmaking company, Cleveland Cliffs, accusing them of attempting to monopolize the domestic steel market.
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