Japanese corporation, U.S. Steel file lawsuits against Biden over blocked merger

Japanese Nippon Steel Corporation and U.S. Steel Corporation have filed lawsuits demanding that US President Joe Biden and his administration must lift the ban on their proposed merger.

The lawsuits were submitted to the US Court of Appeals for the D.C. Circuit and the US District Court for the Eastern District of Pennsylvania. The companies argue that President Biden's decision to block the deal between Nippon Steel and U.S. Steel was a politically motivated intervention, Caliber.Az reports per foreign media.

This marks the first such legal action from a major Japanese corporation against the US president.

President Biden blocked the merger on January 3. In his statement, the US leader emphasised that steel production is the backbone of the nation, and U.S. Steel will remain a proud American company operated by US workers.

U.S. Steel CEO David Burritt described the move as a disgrace and an example of corruption.

By Naila Huseynova