Nippon Steel, U.S. Steel file lawsuit over blocked deal [Video]

WASHINGTON –

Nippon Steel and U.S. Steel filed a federal lawsuit Monday challenging a Biden administration decision to block Nippon’s proposed US$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.

In moving to block the transaction Friday, Biden said U.S. companies producing a large amount of steel need to “keep leading the fight on behalf of America’s national interests,” though Japan, where Nippon is based, is a strong ally.

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In separate lawsuits filed Monday in the U.S. Court of Appeals for the District of Columbia and the U.S. District Court for the Western District of Pennsylvania, the steelmakers allege that it was a political decision made by the Biden administration that had no rational legal basis.

“Nippon Steel and U. …