Japan’s Nippon Steel is seeking an expedited court ruling to secure a fresh government review|@nippon_steel_|X
US Steel and Japan’s Nippon Steel have sued the Biden administration after the President blocked their $14.1 billion acquisition deal last week on national security grounds.
The giants claim Biden’s decision violated their constitutional rights.
The companies argue that Biden ignored the law to appease the United Steelworkers (USW) union, which endorsed him for re-election. In the lawsuits, the two are asking a federal court to let the deal go through.
However, incoming government head Donald Trump has opposed the deal, saying US Steel should retain American ownership.
US Steel and Nippon also sued USW president David McCall and rival steelmaker Cleveland-Cliffs CEO Lourenco Goncalves, accusing them of illegally coordinating to stop the merger.
The White House contends that protecting US jobs, critical supply chains and national security was the primary reason for blocking the business dealings.