Reported 1 day ago
Nippon Steel and U.S. Steel have filed a federal lawsuit against the Biden administration after the president blocked their $15 billion acquisition deal, citing national security concerns. The companies argue that the decision was politically motivated and aimed at preventing competition, particularly from rival Cleveland-Cliffs Inc. They contend that their merger would enhance U.S. steel production and bolster the domestic industry, despite the president's declaration that a strong homegrown steel sector is vital for national security.
Source: YAHOO