Nippon Steel and US Steel sue Biden administration over blocked merger
U.S. Steel and Japanese steelmaker Nippon Steel filed a lawsuit against the U.S. government on Monday in a last-ditch effort to move forward with integration, but President Biden blocked the lawsuit on Friday, citing national security concerns. A new lawsuit accuses Biden of intervening in the merger review process for political gain and trying to […]
Nippon Steel says it’s suing Biden admin for blocking US Steel acquisition
U.S. Steel and Nippon Steel announced that they will file a joint lawsuit against the U.S. government and other parties in response to President Biden's move to block the agreement. FOX Business' Lydia Hu has more. Nippon Steel and US Steel Biden administration's The move is to block a roughly $15 billion deal in which […]
Rival CEO spread doubt about Nippon Steel deal prospects to Wall Street, documents allege
WASHINGTON—Nippon Steel Corp. faced skepticism about the Biden administration's $14.9 billion bid to buy U.S. Steel, while also battling headwinds from unforeseen sources. The CEOs of the company's rival bidders had repeatedly questioned the prospects for the deal. To all investors. Lourenco Goncalves, CEO of Cleveland-Cliffs, the steelmaker whose $7 billion takeover bid for U.S. […]
Biden says he will block US Steel sale to Nippon Steel
President Biden announced Friday that he would block the sale of U.S. Steel to Japanese-owned Nippon Steel after a year of studying the potential deal. “To continue leading the fight on behalf of America's national interests, we need America's largest companies, which account for a major share of America's steel production capacity,” Biden said in […]
Biden Vows To Block U.S. Steel Sale To Japan’s Nippon Steel
US President Joe Biden speaks during a ceremony in the East Room of the White House in Washington, DC, on January 2, 2025. (Photo by Chip Somodevilla/Getty Images) OAN Staff James Myers8:15am – Friday, January 3, 2025 President Joe Biden announced Friday that he would block the sale of U.S. Steel to Japanese-owned Nippon Steel […]
Pompeo bucks Trump, calls for Nippon steel deal
Mike Pompeo, who served as Secretary of State in the first Trump administration, supported Nippon Steel's attempt to acquire U.S. Steel, a marked change in direction from President-elect Trump, who had vowed to block the acquisition. “Blocking this purchase would reduce our ability to maintain robust and competitive domestic steel production and undermine our national […]
Biden to formally kill Nippon Steel’s $15B takeover of US Steel on national security grounds: report
President Biden plans to formally block Nippon Steel's proposed takeover of U.S. Steel on national security grounds once the $15 billion deal is returned later this month. Bloomberg News reported Tuesday, citing people familiar with the matter. Asked about Biden's plans for the deal, which is being considered by the National Security Council, White House […]
Trump says he would block US Steel acquisition by Nippon Steel
President-elect Trump has vowed to block Nippon Steel's acquisition of US Steel. “I am completely opposed to the once great and powerful U.S. Steel being acquired by a foreign company, in this case by Japan's Nippon Steel,” President Trump said in a post on Truth Social on Monday. . He made the same promise during […]
Nippon Steel spends whopping $1.3 million on lobbying amid merger threat
Japanese steelmaker Nippon Steel paid money to major lobbying firm $1.3 million In the summer, plans to buy U.S. Steel were in jeopardy. From July to September, Nippon Steel spent more money on federal lobbying than on federal lobbying combined. $1.1 million This is a sign of how seriously the company is taking threats from […]
Nippon Steel’s acquisition of US Steel clears arbitration hurdle amid union opposition
American steelworkers spoke to FOX Business' Lydia Hu in suburban Pittsburgh, where U.S. Steel's headquarters may soon be turned over to Japan-based Nippon Steel. An arbitration panel ruled Wednesday that Nippon Steel Corp.'s proposed $14.9 billion takeover of U.S. Steel complies with the requirements of the company and its labor agreements. United Steelworkers (USW)This removed […]