A lawsuit alleges that President Biden's decision to block the merger violated due process and was politically motivated. The companies involved argue the deal would benefit national security.
A lawsuit has been filed against US President Biden, challenging his decision to block the Nippon Steel takeover of US Steel. The suit, filed in the US Court of Appeals for the District of Columbia, argues that Biden's move was politically motivated and violated the companies' due process rights.
Nippon Steel and US Steel maintain that the merger would benefit national security by revitalizing communities, bolstering the American steel supply chain, and strengthening the domestic steel industry against Chinese competition. They also assert that Nippon Steel was committed to investing $2.7 billion in US Steel's aging operations. Biden blocked the deal, citing the importance of a strong domestically owned and operated steel industry for national security. This marks the first time a US president has blocked a merger between a US and Japanese firm.
NATIONALSECURITY MERGER STEELINDUSTRY JAPANESE US
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