Nippon and US Steel sue government over blocked deal

The companies allege President Biden "ignored the rule of law to gain favor" with trade unions.

British Broadcasting CorporationWatch LiveHomeNewsSportBusinessInnovationCultureArtsTravelEarthVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessExecutive LoungeTechnology of BusinessFuture of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsArts in MotionTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingVideoLiveLive NewsLive SportHomeNewsSportBusinessInnovationCultureArtsTravelEarthVideoLiveAudioWeatherNewslettersNippon and US Steel sue government over blocked dealGetty ImagesNippon Steel and US Steel are suing the US government over blocking a takeover, claiming that President Joe Biden "ignored the rule of law to gain favor" with trade unions.

The two companies also alleged that President Biden, who is entering the last weeks of his administration, stopped Nippon Steel buying US Steel to pursue his own political agenda.

In rejecting the proposed deal on Friday, President Biden said a strong domestically-owned steel industry was essential for national security and resilient supply chains, including for the car and defence industries.

If the $14.9bn (£11.8bn) deal goes ahead it would create one of the world's biggest steel companies outside of China.

The takeover has been in limbo since it was first announced in December 2023.

https://www.bbc.com/news/articles/cewxvle12plo

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