Japan's Nippon Steel and Pennsylvania-based U.S. Steel are suing the U.S. government for stopping Nippon's nearly US$15 billion purchase of U.S. Steel. U.S. President Joe Biden blocked the deal, citing national security concerns and fulfilling a campaign promise.
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00:00Nippon's deal and U.S. deal are suing the U.S. government for blocking their merger
00:06deal.
00:07U.S. President Joe Biden blocked Nippon's nearly $15 billion purchase of U.S. deal,
00:12citing national security concerns and fulfilling a campaign promise.
00:16The takeover was announced in December 2023 but faced opposition from U.S. labor unions
00:21and the White House.
00:23The two companies blasted the decision and are saying Biden's block violated due process
00:28and was to advance his own political agenda.