Nippon Steel and U.S. Steel have filed a lawsuit challenging the Biden administration's order to block the nearly $15 billion deal for the Japanese company to buy the American steelmaker.
Nippon Steel and U.S. Steel have filed a lawsuit challenging the Biden administration's order to block the nearly $15 billion deal for the Japanese company to buy the American steelmaker. The lawsuit, filed in the U.S. Court of Appeals for the District of Columbia Circuit, asks the court to set aside an order by the Committee on Foreign Investment in the U.S. and President Biden to block the sale.
Nippon Steel had pledged to invest $2.7 billion in U.S. Steel's Mon Valley Works and the Gary Works as part of a modernization project aimed at making the facilities more competitive with international rivals. Nippon also said it would preserve the name, brand and headquarters of U.S. Steel and refrain from layoffs through 2026 had the deal gone through. Before accepting Nippon's offer, U.S. Steel turned down Cleveland-Cliffs' $7 billion buyout offer in 2023. Nippon and U.S.
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