US Steel and Japan’s Nippon Steel on Monday sued the US government in a bid to revive their $14 billion merger after
Biden moved to block the merger on Friday after the Committee on Foreign Investment in the US punted on making a decision after a yearlong review process. The president said he was killing the merger over national security concerns. Some of Biden’s senior advisers have also expressed concerns that blocking the deal could hurt relations with Japan, a close ally and major investor in US businesses, according to the Washington Post.
Nippon’s offer, which was first announced in December 2023, immediately faced heat from politicians and union leaders. Both Democratic and Republican lawmakers slammed the deal and treated it as a symbol of the erasure of US-owned companies. CFIUS reportedly hit a stalemate on its review of the deal on concerns that Nippon’s large size and overseas mills might threaten US Steel’s own output, according to correspondence between the committee and Nippon Steel viewed by The steelmaking companies also filed a lawsuit on Monday against Cleveland-Cliffs, a US steel company that previously tried to buy US Steel, and its chief executive, along with David McCall, president of the powerful United Steelworkers union.
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