Tag: nippon
U.S. Steel sues to salvage its sale to Japan’s Nippon Steel
Scott Horsley U.S. Steel and its would-be Japanese suitor Nippon Steel have gone to court to defend their $15 billion merger, after President Biden on Friday moved to block the deal, citing national security concerns. In a lawsuit filed Monday in federal court in Washington, the companies accuse the president of violating their due process…
Biden Blocks Takeover Bid of U.S. Steel by Japan’s Nippon
The president said he was moving to protect national security in deciding the fate of the iconic Pennsylvania-based company, which became a contentious political issue in an election year. By Alan Rappeport Reporting from Washington President Biden blocked the $14 billion takeover of U.S. Steel by Nippon Steel of Japan in an announcement on Friday…
Biden blocks Nippon Steel from buying US Steel
US President Joe Biden has formally blocked the takeover of US Steel by a bigger Japanese company, saying foreign ownership could pose risks for national security. The controversial decision comes a year after Nippon Steel first announced the $14.9bn (£12bn) deal, describing it as a lifeline for its smaller Pennsylvania-based rival. But the transaction soon…