financetom
Business
financetom
/
Business
/
Update: United States Steel, Nippon Steel File Federal Lawsuits Challenging President Biden's Block of Proposed Merger
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Update: United States Steel, Nippon Steel File Federal Lawsuits Challenging President Biden's Block of Proposed Merger
Jan 6, 2025 6:31 AM

09:08 AM EST, 01/06/2025 (MT Newswires) -- (Updates with detail throughout.)

United States Steel ( X ) and Nippon Steel said Monday they jointly filed a federal lawsuit seeking to dismiss President Joe Biden's order to block Nippon's proposed acquisition of U.S. Steel.

The lawsuit alleged violations of the constitutional guarantee of due process and unlawful political influence.

The companies have also filed suit against Cleveland-Cliffs ( CLF ) Chief Executive Lourenco Goncalves and United Steelworkers President David McCall for what they described as "illegal and coordinated actions" to prevent Nippon's acquisition of US Steel.

US Steel and Nippon Steel said the lawsuit intends to show that President Joe Biden "ignored the rule of law to gain favor with the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union."

The companies accused Biden of depriving "their rightful opportunity for fair consideration" and allege Cleveland-Cliffs ( CLF ) colluded with the United Steelworkers union to prevent the deal from closing.

Cleveland-Cliffs ( CLF ) and the United Steelworkers did not immediately respond to requests for comment from MT Newswires.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved