U.S. Steel and its would-be Japanese suitor filed twin lawsuits Monday to defend their $15 billion merger. President Biden issued an order on Friday to block the deal, citing national security concerns.U.S. Steel filed a lawsuit to defend its $15 billion sale to Nippon Steel of Japan. President Biden moved to block the sale on Friday, but the companies accuse Biden of playing politics and violating their due process rights.U.S.
A second lawsuit targets the international president of the steelworkers union, David McCall, and a rival steelmaking company, Cleveland Cliffs, which had made its own offer for U.S. Steel. That suit, filed in federal court in Pennsylvania, says the opponents tried to scuttle the sale in order to monopolize the domestic steel market."We remain confident that the transaction is the best path forward to secure the future of U. S.
"Without domestic steel production and domestic steel workers, our nation is less strong and less secure," the president said in"A committee of national security and trade experts determined this acquisition would create risk for American national security," said spokeswoman Robyn Patterson in response to the lawsuit."President Biden will never hesitate to protect the security of this nation, its infrastructure, and the resilience of its supply chains.
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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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