Mon, January 6, 2025
[ Mon, Jan 06th ]: CNN
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U.S. Steel, Nippon Steel Challenge Biden's Decision to Kill $14.1 Billion Deal

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The companies accuse the president, head of steelworkers union and Cleveland-Cliffs CEO of teaming up to block the transaction.
Nippon Steel and U.S. Steel have initiated legal action against the U.S. government following President Joe Biden's announcement that he would block their proposed $14.9 billion merger. The lawsuit, filed in the U.S. Court of International Trade, challenges the U.S. Department of Treasury's decision to review the deal under national security grounds, asserting that the review process was improperly influenced by political considerations rather than genuine security concerns. The companies argue that the merger would enhance U.S. Steel's competitiveness and contribute positively to the U.S. economy, while also claiming that the government's actions are not only against the law but also detrimental to the interests of U.S. Steel's stakeholders. This legal challenge comes amidst growing scrutiny over foreign investments in critical U.S. industries, with the deal having already faced opposition from labor unions and some members of Congress.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/nippon-steel-u-s-steel-say-they-are-suing-u-s-government/ar-AA1x2J73 ]