Japan’s Nippon Steel Corp. is set to file a lawsuit in response to United States President Joe Biden’s decision to block its takeover of U.S. Steel Corp., local media reported Saturday.
Nippon Steel and U.S. Steel are expected to claim in court that Biden did not present sufficient evidence to prove the proposed acquisition poses a threat to U.S. national security, and that his decision violates due process under the U.S. Constitution and the law governing the Committee on Foreign Investment in the United States, Kyodo News reported, citing sources close to the matter.
Biden said Friday that he has decided to block the 14.1 billion U.S. dollars sale of U.S. Steel to the Japanese steel giant, citing risks to national security, while urging the two steelmakers to “fully and permanently” abandon their plan.
In a joint statement on Friday, the two firms said the U.S. authorities’ review of the international buyout project was “manipulated to advance President Biden’s political agenda” and that they will “take all appropriate action to protect our legal rights.”
Japan’s Nippon Steel to sue U.S. govt over decision to block acquisition
