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- US Steel and Nippon Steel file lawsuits over blocked merger deal with Biden administration
US Steel and Nippon Steel file lawsuits over blocked merger deal with Biden administration
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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.
We must insist on an explanation as to why there are security concerns, otherwise there will be no progress in future discussions.
Unfortunately, it is true that we have heard concerns voiced by the Japanese industries over future investments between Japan and the US. We must view this issue as a grave matter.
Wouldn't it be nice to have U.S. Steel, once the greatest company in the World, lead the charge toward greatness again? It can all happen very quickly!
Why would they want to sell U.S. Steel now when Tariffs will make it a much more profitable and valuable company?
President Biden will never hesitate to protect the security of this nation, its infrastructure, and the resilience of its supply chains.
Nippon Steel and U. S. Steel have engaged in good faith with all parties to underscore how the Transaction will enhance, not threaten, United States national security.
President Biden ignored the rule of law to gain favor with (workers' unions) and support his political agenda.
By blocking Nippon Steel's attempt to acquire U.S. Steel, the Biden administration protected vital U.S. interests, safeguarded our national security and helped preserve a domestic steel industry that underpins our country's critical supply chains.
US and Nippon Steel Merger
sources
- 1.The Times of India
- 2.Le Monde
- 3.CTV News
- 4.BBC
- 5.CNA News
- 6.The Washington Post
- 7.Agence France-Presse
- 8.Associated Press
perspectives
countries
- 1.China
- 2.Japan
- 3.United States
organizations
- 1.US Steel Corp
- 2.Nippon Steel
- 3.Cleveland-Cliffs Inc
- 4.United Steelworkers
- 5.US Foreign Investment Commission
- 6.US Court of Appeals
- 7.White House
- 8.Overseas Private Investment Corporation
- 9.Baltimore Ravens
- 10.Nikkei
- 11.Pittsburgh Steelers
- 12.Truth Social