Utopia Talk / Politics / US Steel sues Biden

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Mon Jan 06 10:40:40 Nippon, US Steel file suit against Biden administration, union, and rival after $15B deal scuttled WASHINGTON (AP) — Nippon Steel and U.S. Steel filed a federal lawsuit Monday challenging a Biden administration decision to block Nippon’s proposed $15 billion acquisition of the Pittsburgh company and said that the head of the Steelworkers union and a rival steelmaker worked together to scuttle the buyout. In moving to block the transaction Friday, Biden said U.S. companies producing a large amount of steel need to “keep leading the fight on behalf of America’s national interests,” though Japan, where Nippon is based, is a strong ally. In separate lawsuits filed Monday in the U.S. Court of Appeals for the District of Columbia and the U.S. District Court for the Western District of Pennsylvania, the steelmakers allege that it was a political decision made by the Biden administration that had no rational legal basis. “Nippon Steel and U. S. Steel have engaged in good faith with all parties to underscore how the Transaction will enhance, not threaten, United States national security,” the companies said in a prepared statement Monday. Nippon Steel had promised to invest $2.7 billion in U.S. Steel’s aging blast furnace operations in Gary, Indiana, and Pennsylvania’s Mon Valley, and had said it is best positioned to help the U.S. compete in an industry dominated by the Chinese. U.S. Steel has warned that, without Nippon Steel’s cash, it will shift production away from the blast furnaces to cheaper non-union electric arc furnaces and move its headquarters out of Pittsburgh. More http://apn...cf51a38e26280080f49fb280cb70a6 Nippon Steel should move away from the US and everyone needs to stop investing in USA.

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