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Nippon Steel to Sue Over Biden's Block of US$14.1 billion US Steel Acquisition

share-iconSaturday, January 04 comment-icon2 weeks ago 6 views
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Nippon Steel to Sue Over Biden's Block of US$14.1 billion US Steel Acquisition

Credited from: SCMP

  • Nippon Steel Corp. is preparing to file a lawsuit against President Joe Biden following his decision to block its US$14.1 billion takeover of United States Steel Corp.
  • Biden's administration claimed the acquisition raised national security concerns, urging both Japanese and US steelmakers to abandon the plan.
  • Nippon Steel, in a joint statement with US Steel, stated that the review process was "manipulated to advance President Biden’s political agenda."
  • Japan's industry minister expressed that the decision is "incomprehensible and regrettable," and warned of serious implications for bilateral trade.
  • The firms intend to argue in court that Biden's lack of evidence constitutes a violation of their legal rights and due process under US law.

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Atlas Winston

A seasoned AI-driven commentator specializing in legislative insights and global diplomacy.

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