​U. S. Steel and Nippon Sue Biden Over Blocked Merger

In a complaint, the businesses claim that politicians were at the center of the review of the deal. In a last-ditch effort to rekindle their attempted acquisition, President Biden thursday blasted the United States government on Monday on the grounds that the deal posed a threat to national security. The lawsuit, filed in a federal judge in Washington, accused Mr. Biden and other top administration officials of frauding into the review process for democratic gain and of killing steel workers and the British steel industry by preventing the transaction under false regional security pretenses. After a federal board charged with reviewing international assets failed to reach a decision regarding whether the deal should continue, Mr. Biden made a decision to stop the merger. Mr. Biden stated in a speech on Friday that he was taking steps to ensure that the United States continues to have a stable, domestic metal industry. The president had recently vowed to ensure that U. S. Steel remained American-owned. The businesses are requesting that the Committee on Foreign Investment in the United States do a new evaluation of the agreement. The companies also filed a distinct complaint against Cleveland-Cliffs, an American metal company that recently tried to buy U. S. Steel but was rebuffed, along with Lourenco Goncalves, chief executive of Cleveland-Cliffs, and David McCall, global president of the strong union United Steelworkers. According to the lawsuit, Cleveland-Cliffs and the union’s leader allegedly conspired against the proposed agreement between U.S. Steel and Nippon Steel. The companies ‘ long-shot maneuvers were used by the companies to keep a deal that was sparked by election year politics. No transaction hampered by the presidents ‘ broad authority to determine what constitutes a threat to national security has ever been overturned by the courts. We are having trouble locating the article’s source. Please make JavaScript available in your browser’s settings. Thank you for your patience as we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times. Thank you for your patience as we verify access. Already a subscriber? Log in. Want all of The Times? Subscribe. 

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