The lawsuit demanded that the Committee on Foreign Investment in the United States (CFIUS) review process and Biden's order be canceled as “contrary to constitutional procedure and legal obligations”. The companies argued that the decision was shaped by unlawful political influence and demanded justice.
Nippon Steel and US Steel also filed a separate lawsuit against Cleveland-Cliffs (CLF.N), one of their biggest competitors in the industry. Cleveland-Cliffs CEO Lourenco Goncalves and USW union President David McCall are accused of “unlawful and coordinated actions to block the agreement.”
Last week, President Biden denied approval for Nippon Steel's acquisition of US Steel, citing national security concerns. The decision dealt a heavy blow to Nippon Steel's plans to enter the US market after nearly a year of review.
The companies said they would fight to remove this obstacle and finalize the deal through lawsuits.
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