US Steel and Nippon Steel File Lawsuits Against Biden, Cleveland-Cliffs Over Blocked $14.9 Billion Merger

Jan 6, 2025, 01:28 PM

Nippon Steel and US Steel have jointly filed two lawsuits against President Joe Biden, challenging last week's decision to block their proposed $14.9 billion merger. The companies allege that the president's order was influenced by unlawful political interference, violating their constitutional rights to due process. The lawsuits also name Cleveland-Cliffs, a rival steelmaker, and its CEO, along with the head of the United Steelworkers union (USW), accusing them of interfering in the transaction. The blocked merger, which would have seen Nippon Steel acquire Pittsburgh-based US Steel, was halted on national security grounds. The companies seek to overturn the president's order and revive the deal.