Nippon Steel and U.S. Steel have filed lawsuits against President Joe Biden’s administration after the blocking of their proposed merger. The two steel giants announced on Monday that they are taking legal action to “remedy the ongoing illegal interference” with their plan to join forces.
“We are deeply disappointed by the administration’s decision to block this strategic merger,” the companies said in a joint statement. “We believe the interference is not only unjustified but also harmful to the global steel industry.”
The proposed acquisition would have seen Japan’s Nippon Steel acquire U.S.-based U.S. Steel, creating one of the world’s largest steel producers. However, the Biden administration has reportedly halted the deal, citing concerns over competition and national security.
“The block appears to be driven by purely political reasons,” the companies allege. They argue that the merger would bolster the steel industry and create jobs, benefiting both countries.
The lawsuits aim to overturn the administration’s decision and allow the merger to proceed. Legal experts predict a lengthy court battle ahead.
The U.S. government has not yet commented on the lawsuits.
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Nippon Steel, U.S. Steel file suit against Biden's merger block
cgtn.com
