President Joe Biden unlawfully blocked Nippon Steel's $14.9 billion bid for U.S. Steel through a sham national security review, according to the companies' allegations in a lawsuit they said was filed Jan. 6, 2025.
The companies want the U.S. Court of Appeals for the District of Columbia to overturn Biden's decision to scuttle the deal so they can secure another shot at approval through a fresh national security review unfettered by political influence.
The lawsuit alleges Biden prejudiced the decision of the Committee on Foreign Investment in the U.S. which scrutinizes foreign investments for national security risks, and violated the companies' right to a fair review.
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