U.S. Steel, Nippon sue over takeover

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U.S. Steel and Nippon Steel sues Biden administration for blocking their $15 billion deal

Summary

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U.S. Steel and Nippon Steel filed a lawsuit on Monday overto stop the Japanese company's proposed nearly $15 billion takeover of its Pittsburgh -based rival. The companies allege that Mr. Biden 's Jan. 3 decision to block the deal was made for political reasons that violated their due process, according to the suit filed in the U.S. Court of Appeals for the District of Columbia . Mr. Biden moved to halt the acquisition after federal regulators deadlocked on whether to approve it, saying "a strong domestically owned and operated steel industry represents an essential national security priority.".