US Steel and Nippon Steel file lawsuits over blocked merger deal with Biden administration

The companies claim that Biden's decision was made for "purely political reasons" and that it violated their due process rights. The takeover, worth $14.9 billion, was first announced in December 2023 and had been pending since then. Biden had criticized the deal for months before ultimately blocking it, citing concerns over national security and the importance of a strong domestically-owned steel industry. The companies argue that the decision was irrational and had no legal basis, and that Biden's actions were motivated by a desire to gain favor with trade unions. The lawsuit is ongoing, with the companies seeking to have the decision overturned.