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Japan's Nippon Steel, US Steel file lawsuit against US government
Japan's Nippon Steel and United States Steel have jointly filed a lawsuit against the US government over President Joe Biden's decision to block the buyout of the American steelmaker by the Japanese company, local media reported Monday.
Tokyo : Japan's Nippon Steel and United States Steel have jointly filed a lawsuit against the US government over President Joe Biden's decision to block the buyout of the American steelmaker by the Japanese company, local media reported Monday.
The two steelmakers are seeking a review of the deal by the Committee on Foreign Investment in the United States (CFIUS), calling Biden's order "unlawful political interference," public broadcaster NHK reported.
The case was filed in the US Court of Appeals for the District of Columbia Circuit.
The two firms also filed a second lawsuit against Cleveland-Cliffs, its CEO Lourenco Goncalves, and USW union President David McCall "for their illegal and coordinated actions" aimed at preventing the deal.
Meanwhile, Japanese Prime Minister Shigeru Ishiba warned Monday of potential repercussions for bilateral trade following Biden's decision, adding he would seek clarification regarding the national security risk cited by Biden.
"Unfortunately, it is true that the Japanese business circles have voiced concern over future investments between Japan and the US," Ishiba said at his first press conference of the year.
Japan's Economy, Trade and Industry Minister Yoji Muto also told reporters Monday that the president's decision is "extremely regrettable and hard to understand," adding the Japanese government will continue asking the Biden administration to clear concerns among the business communities in the two countries.
Nippon Steel and US Steel agreed on the takeover in December 2023. The CFIUS reviewed the deal, but failed to reach a consensus. It was then referred to Biden, Xinhua news agency reported.
Biden said Friday that he has decided to block the 14.1 billion US dollars sale of US Steel to Nippon Steel, citing risks to national security, while urging the two companies to "fully and permanently" abandon their plan.
The Japanese steel giant, the world's fourth-largest by production volume, will hold a press conference detailing their case on Tuesday.
