Nippon Steel to sue Biden over blocking US$14.1 billion US Steel takeover

Politics

1 year ago

News sources:

Credited from: SCMP

Nippon Steel Corp. intends to initiate legal proceedings against President Joe Biden following his decision to block its US$14.1 billion acquisition of United States Steel Corp..
Biden cited national security risks as the primary reason for obstructing the deal, urging both Japanese and US steelmakers to abandon their plans.
The leadership of the United Steelworkers union opposed the acquisition, influencing Biden's decision.
Nippon Steel, in collaboration with US Steel, claims the review process was manipulated to serve Biden's political agenda and vows to protect its legal rights.
Japan’s industry minister has expressed significant concern regarding Biden's ruling, marking a serious moment in US-Japan relations.