Lawsuits filed over Biden administration’s block of Nippon Steel’s $15 billion US Steel acquisition

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Lawsuits filed over Biden administration’s block of Nippon Steel’s $15 billion US Steel acquisition - Business Mirror

Quick Summary:

WASHINGTON—Nippon Steel and US 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.

US Steel has warned that, without Nippon Steel’s cash, it will shift production away from the blast furnaces to cheaper non-union electric arc furnaces and move its headquarters out of Pittsburgh.

In a separate lawsuit filed in the District Court for the Western District of Pennsylvania, the companies accused steel-making rival Cleveland-Cliffs Inc.and its CEO, Lourenco Goncalves, in coordination with David McCall, the head of the US Steelworkers union, of “engaging in a coordinated series of anticompetitive and racketeering activities” to block the deal.