Steel Giants Clash with Biden Administration Over National Security Concerns

Nippon Steel and U.S. Steel have filed a lawsuit against the Biden administration, challenging the blocking of Nippon Steel's $14.9 billion purchase of U.S. Steel over national security concerns. The case is set to be heard in February and March, as reported by Kyodo news agency.

Nippon Steel and U.S. Steel have taken legal action against President Joe Biden's administration, with hearings scheduled for February and March. This move comes after Biden blocked Nippon Steel's $14.9 billion acquisition of U.S. Steel, citing national security reasons, according to reports from Kyodo news agency.

The lawsuit, which was officially filed on January 6, challenges the President's order that prevented the international buyout aimed at consolidating the steel giants. Both companies assert that the deal does not pose any risk to U.S. national security.

This legal battle highlights ongoing tensions between international corporations and governmental bodies over cross-border mergers, with significant implications for the steel industry and national security policies.

(With inputs from agencies.)