(Update) Nippon Steel to Sue U.S. Govt over Biden's Decision
Tokyo, Jan. 4 (Jiji Press)--Nippon Steel Corp. plans to take legal action against the U.S. government after U.S. President Joe Biden decided to block the company's acquisition of United States Steel Corp.
"We are left with no choice but to take all appropriate action to protect our legal rights," Nippon Steel and U.S. Steel said in a joint statement released Friday.
Biden has ordered the companies to abandon the acquisition plan no later than 30 days. Nippon Steel aims to start litigation in order to realize the acquisition.
"We are dismayed by President Biden's decision to block Nippon Steel's acquisition of U.S. Steel, which reflects a clear violation of due process and the law governing CFIUS," or the Committee on Foreign Investment in the United States, the statement said. "Instead of abiding by the law, the process was manipulated to advance President Biden's political agenda."
Biden's decision does not "present any credible evidence of a national security issue, making clear that this was a political decision," the two companies also stated, adding they are "deeply disappointed."
(2025/01/04-15:56)
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