US Steel and Nippon Steel have announced they are filing a joint lawsuit against the US government and others following President Biden’s move to block the deal. With Fox Business’ Lydia Hu and more.
Nippon Steel and US Steel have filed lawsuits challenging this of the Biden administration The Japanese company was ordered to halt its nearly $15 billion deal to buy a U.S. steel maker.
The lawsuit, filed in the U.S. Court of Appeals for the District of Columbia Circuit, asks the court to strike down Biden’s order blocking the sale.
The companies also filed a second lawsuit against Cleveland-Cliffs, its CEO Lourenco Goncalves, and USW President David McCall. It accuses them of illegally coordinating to block transactions and undermining US Steel’s ability to compete.
From the beginning of the process, both Nippon Steel and US Steel have communicated in good faith with all parties how this transaction will enhance, not threaten, the national security of the United States, including US Steel. “Nippon Steel is the only partner. which is Is willing and able to make the necessary investments.”
US Steel CEO: Government failed our country after Nippon Steel deal is canceled
President Biden blocked United States Steel Corp’s billion-dollar acquisition of Nippon Steel Corp. (Justin Merriman/Bloomberg via Getty Images/Getty Images)
President Biden The deal was put on hold on Friday, citing national security concerns – an argument that has sparked protests.
US Steel CEO David Burritt warned that if the company Acquisition by Nippon Steel If unsuccessful, the company would likely close steel mills in Pennsylvania’s Monongahela Valley and Gary, Indiana, which were expected to receive multibillion-dollar upgrades with cash injected by Nippon after completion of the sale.
“We did everything right as a company with Nippon,” Burritt told Fox Business correspondent Lydia Hu in an interview Monday. “We did everything right. The government failed us. They failed because they didn’t follow process. And we’re going to correct that mistake. They failed our workers. They failed our communities. They failed our country. They failed our best ally and they encouraged China by not following the rule of law.”
Nippon Steel promised to invest $2.7 billion in US Steel’s Mon Valley Works and 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. We steel And if an agreement is reached, layoffs will be avoided till 2026.
Fox Business’s Eric Revell and Yael Halon contributed to this report.
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