Nippon Steel may sue US government over Biden’s decision to block US Steel acquisition

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.

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. “We are considering this as an important option,” Tadashi Imai, president of Nippon Steel, told reporters on Monday in televised remarks confirmed by CNN. “I think we can take action, including announcing (a response), without taking too much time.” On Friday, Biden said he was blocking the controversial $14.3 billion acquisition, marking a significant use of executive authority in the closing days of his administration. He cited the need to protect national security and supply chains. “We are entitled to a proper review,” Imai told journalists outside his home. “The review process to date and the US government’s decision is not a very proper review. Our company cannot allow this to continue, so we are considering all options for future action.” The deal has been politically charged since it was announced more than a year ago, stirring bipartisan political opposition to foreign control of a once key component of US industrial might. The deal was not supported by the United Steelworkers (USW), the union representing American steel workers, which commended Biden’s decision as the “right move for our members and our national security.”