US Steel and Nippon Steel have filed a lawsuit against President Biden's recent order that blocked their $14.9 billion buyout deal, citing due process violations and political influence.
In the lawsuit, the companies assert that the review process conducted by the Committee on Foreign Investment in the United States (CFIUS) was flawed and undermined their constitutional rights, emphasizing the need for a fair process when high-stakes transactions are on the table.
The Biden administration's decision to block the acquisition was based on national security concerns, with sources indicating that the merger could jeopardize both the strength of the US steel industry and thousands of union jobs.
Political and union resistance has been significant, particularly since Biden and Trump have both expressed opposition to the deal, highlighting the contentious atmosphere surrounding foreign investments in critical industries.
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