US Steel, Nippon sue Biden administration over decision to block merger

Nippon Steel and US Steel have filed a federal lawsuit in the United States challenging the Biden administration’s decision to block Nippon’s proposed $15bn acquisition of the Pittsburgh company. The companies say the head of the United Steelworkers union and a rival steelmaker worked together to scuttle the buyout.

The lawsuit, filed on Monday, alleges US President Joe Biden prejudiced the decision of the Committee on Foreign Investment in the US (CFIUS) which scrutinises foreign investments for national security risks, and violated the companies’ right to a fair review.

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