US Steel and Nippon File Lawsuits After Biden Blocks Merger -- Barrons.com

Dow Jones

Jan 06, 2025

Karishma Vanjani

United States Steel and Japan's Nippon Steel filed joint lawsuits Monday in an attempt to keep their merger, valued at more than $14 billion, alive.

The lawsuits challenge President Joe Biden's final significant act of his tenure, calling his decision to block the buyout of the American steel maker by Nippon Steel an "unlawful political influence."

The two companies also filed a separate lawsuit against another American steel company, Cleveland-Cliffs, and its CEO Lourenco Goncalves, as well as David McCall, president of the United Steelworkers union "for their illegal and coordinated actions aimed at preventing the transaction."

U.S. Steel was rising 3.8% in premarket trading.

Write to Karishma Vanjani at karishma.vanjani@dowjones.com.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

January 06, 2025 07:58 ET (12:58 GMT)

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