Nippon Steel may sue US government over Biden’s decision to block US Steel acquisition
Headline from KVIA El Paso, on the newest of 2 developments
By Junko Ogura and Juliana Liu, CNN Tokyo/Hong Kong (CNN) — Nippon Steel, whose multibillion-dollar proposal to buy struggling US Steel was blocked by President Joe Biden last week, says it is considering taking legal action against the US government.
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President Joe Biden on Friday blocked a nearly $15 billion sale of Pittsburgh-based U.S. Steel to Japan’s Nippon Steel Corp., throwing the local future of the country’s once-dominant steelmaker into question.
The Biden Administration blocked the takeover of U.S. Steel by Japanese-owned Nippon Steel, citing national security concerns and opinions over the block are vastly different.
President Joe Biden blocked the $14 billion takeover of U.S. Steel by Nippon Steel of Japan in an announcement Friday based on grounds that the sale posed a threat to national security.
Japanese companies needing to grow have sought out American deals. Experts say that will not change even after Biden’s rejection of Nippon Steel’s takeover attempt.
President Biden said he would block the sale of one of America’s most iconic companies to a Japanese firm. In December 2023, Nippon Steel announced it would buy U.S. Steel for more than $14 billion. Nick Schifrin discussed the president's decision with David Wessel of the Brookings Institution and S…
President Joe Biden said Friday that he was blocking the proposed $14.9 billion acquisition of American company U.S. Steel by Japan’s Nippon Steel. Analysts said rejection of the deal could hurt relations with Japan, a key ally and trade partner. White House Bureau Chief Patsy Widakuswara reports.
President Biden formally blocked the sale of U.S. Steel to a Japanese steelmaker, citing national security concerns. The company said that it may have to cut thousands of union jobs without the sale.
By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden says he is protecting good jobs in the American heartland. He may be putting them at risk instead. In making its nearly $15 billion bid for the storied Pittsburgh-based steelmaker, Nippon Steel had promised to invest $2.
WASHINGTON (AP) — By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden said he was protecting good jobs in the American heartland. He may be putting them at risk instead. In making its nearly $15 billion bid for the storied Pittsburgh-based steelmaker, Nippon Steel had promis…
By Junko Ogura and Juliana Liu, CNN Tokyo/Hong Kong (CNN) — Nippon Steel, whose multibillion-dollar proposal to buy struggling US Steel was blocked by President Joe Biden last week, says it is considering taking legal action against the US government.
The suit, filed Monday in the U.S. Court of Appeals for the District of Columbia, alleges that it was a political decision and violated the companies’ due process.
US Steel has gone to court to salvage its sale to a Japanese steelmaker. President Biden moved to block that sale last week, citing national security concerns.
Nippon Steel and U.S. Steel are filing a federal lawsuit challenging the Biden administration’s decision to block a proposed nearly $15 billion deal for Nippon to acquire Pittsburgh-based U.S. Steel.
U.S. Steel and its would-be Japanese suitor filed twin lawsuits Monday to defend their $15 billion merger. President Biden issued an order on Friday to block the deal, citing national security concerns.
