Nippon Steel, U.S. Steel sue over Biden decision to block sale

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Nippon Steel, U.S. Steel sue over Biden decision to block sale

//politics-government.news-articles.net/content/ .. steel-sue-over-biden-decision-to-block-sale.html

Published in Politics and Government on Monday, January 6th 2025 at 11:00 GMT by MSN

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

U.S. Steel and Nippon Steel said on Monday that it is suing over President Joe Biden's decision to block its sales agreement and a domestic competitor and union over their actions to scuttle the deal.

2025-01-06 195 x 130 / 5317 Bytes

Nippon Steel and U.S. Steel have initiated legal action against the Biden administration following President Joe Biden's decision to block the $14.9 billion acquisition of U.S. Steel by the Japanese company. The lawsuit, filed in the U.S. District Court for the District of Columbia, challenges the administration's use of the Defense Production Act to halt the deal, arguing that the decision was politically motivated, particularly in light of the upcoming election in Pennsylvania, where U.S. Steel is based. The companies assert that the block is not only an overreach of executive power but also detrimental to U.S. Steel's shareholders and the broader economic interests of the U.S. The lawsuit seeks to have the decision overturned, highlighting that the acquisition would have brought significant investment and technological advancements to U.S. Steel.

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