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Nippon, US Steel file suit against Biden administration, union, and rival after $15B deal scuttled


Published on 2025-01-06 13:01:04 - MSN
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  • Nippon Steel and U.S. Steel filed a federal lawsuit Monday challenging a Biden administration decision to block Nippon's proposed $15 billion acquisition of the Pittsburgh company and said that the head of the Steelworkers union and a rival steelmaker worked together to scuttle the buyout.

Nippon Steel has filed a lawsuit against the Biden administration, the United Steelworkers union, and Cleveland-Cliffs Inc. following the collapse of its $14.9 billion acquisition of U.S. Steel. The lawsuit claims that the union and Cleveland-Cliffs conspired to block the deal, which was initially agreed upon in December. The union had endorsed Cleveland-Cliffs' lower $7.3 billion bid, and President Biden expressed opposition to the sale to Nippon Steel, citing the need for U.S. Steel to remain American-owned. The complaint alleges that this opposition was part of a broader scheme to favor Cleveland-Cliffs, potentially violating antitrust laws. The lawsuit seeks to address these actions, which Nippon Steel believes unfairly influenced the deal's outcome.

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