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Steel Companies Sue Over Blocked Sale

(Washington D.C.) - A lawsuit has been filed over the president’s decision to stop U.S. Steel from being purchased by a Japanese steel maker. The lawsuit was filed by Nippon Steel and U.S. Steel.

 

The companies are alleging it was a political decision that violated the companies’ rights to due process. President Joe Biden blocked the proposed transaction, saying it’s in the country’s interest to have most of the steel here, made in America.

 

However, the lawsuit claims the transaction would enhance, not threaten the United States, because Nippon Steel has the resources needed to strengthen the steel industry here and protect it from foreign competitors like China.

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