Official court rulings or announcements from the U.S. government

Nippon Steel Sues Biden Over Blocked $14.9 Billion U.S. Steel Deal, Citing Unlawful Interference

Jan 6, 2025, 04:26 PM

Nippon Steel Corp. has initiated legal action against U.S. President Joe Biden and the U.S. government following Biden's decision to block Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel Corp. The company filed a lawsuit seeking to overturn the order and request a new review by the Committee on Foreign Investment in the United States (CFIUS). Nippon Steel alleges that the decision was influenced by unlawful political interference from Biden, aimed at securing support from the United Steelworkers union. Additionally, Nippon Steel and U.S. Steel have filed a separate lawsuit against the union's president and the CEO of Cleveland-Cliffs, accusing them of illegal actions to prevent the transaction. The Japanese government, through Prime Minister Shigeru Ishiba and Chief Cabinet Secretary Yoshimasa Hayashi, has expressed regret over the decision, citing concerns about future investments between Japan and the U.S. Nippon Steel's Chairman Eiji Hashimoto has vowed to continue pursuing the acquisition, asserting that there is no reason or need to abandon the deal.