Big news in the steel industry! 🏭🔥 Nippon Steel and U.S. Steel have filed lawsuits against President Joe Biden's administration, accusing it of \"illegal interference\" after blocking their proposed mega-merger.
On Monday, the Japanese steel giant and its American counterpart announced they had jointly filed two lawsuits to \"remedy the ongoing illegal interference with Nippon Steel's acquisition of U.S. Steel.\"
The companies aren't mincing words, accusing Biden of halting their deal \"for purely political reasons.\" The planned acquisition was set to create a powerhouse in the global steel market, but now faces significant hurdles.
The legal action marks a bold move by the steel titans, challenging the U.S. government's decision and seeking to push forward with their transaction.
Will the steel giants overcome this obstacle? ⚖️💪 Stay tuned as this legal showdown unfolds!
Reference(s):
Nippon Steel, U.S. Steel file suit against Biden's merger block
cgtn.com
