Nippon, US Steel Sue Biden Order Blocking Acquisition

Image shows 'Biden's order blocked $14.9 bn buyout of US Steel.' as drophead text which was missed in extraction

- Reuters

U.S. Steel and Nippon Steel have filed a lawsuit against U.S. President Joe Biden's order that blocked the $14.9 billion buyout of the American steelmaker by the Japanese company, they said on Monday.

The lawsuit asked the court to set aside the review process of the Committee on Foreign Investment in the U.S. and Biden's order, citing "violation of the Constitutional guarantee of due process and statutory procedural requirements, as well as unlawful political influence".

The case was filed in U.S. Court of Appeals for the District of Columbia Circuit.