Nippon Steel, U.S. Govt Agree on Withdrawal of Suit over Biden's Order

   Tokyo, June 21 (Jiji Press)--Nippon Steel Corp. and the U.S. government have agreed on the withdrawal of an administrative lawsuit filed by the Japanese company over former U.S. President Joe Biden's order to block its acquisition of United States Steel Corp., according to a document released by a U.S. court on Friday.
   The agreement came in line with the completion of the acquisition. On Thursday, Nippon Steel Chairman and CEO Eiji Hashimoto said that the company has started the process of dropping the lawsuit.
   In January, Biden issued the order, citing national security concerns. Objecting to the decision, Nippon Steel sued Biden and the Committee on Foreign Investment in the United States, which reviewed its buyout plan.
   Incumbent President Donald Trump also opposed the Japanese company's acquisition of full control of U.S. Steel. However, Trump eventually approved the takeover following a deal under which U.S. Steel will issue a "golden share" to the U.S. government, which will allow it to hold a veto over important management matters.

(2025/06/21-13:54)

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