U.S. Steel, Nippon move court against Biden blocking $14.9 billion deal

(Reuters) -U.S. Steel and Nippon Steel said on Monday they had filed two lawsuits after U.S. President Joe Biden blocked the $14.9 billion buyout of the American steelmaker by the Japanese company.



One lawsuit asked a court to set aside Biden's order and the review process by a U.S. government panel.

The second lawsuit is against Cleveland-Cliffs (NYSE:CLF ), its CEO Lourenco Goncalves, and USW union President David McCall "for their illegal and coordinated actions" aimed at preventing the deal, U.S. Steel and Nippon Steel said.

Source: Investing.com