Nippon Steel and US Steel move court against President Biden’s order blocking deal

Nippon Steel Corporation along with its wholly owned subsidiary Nippon Steel North America, Inc, and United States Steel Corporation have jointly filed a petition seeking to invalidate the “unlawful” action of former President Joe Biden and certain members of the Committee on Foreign Investment in the United States (CFIUS) to block their $14.9 billion merger agreement. 

 The brief, filed in the US Court of Appeals for the District of Columbia Circuit, states that President Biden’s decision was a predetermined political move that had nothing to do with national security, and the review by the CFIUS was a sham intended only to block the transaction. 

 Nippon Steel said the court will expeditiously deal with the CFIUS litigation, with briefing to be completed by 17 March before start of oral arguments.

 Nippon Steel and US Steel said the merger will enhance, not threaten, US national security, protect the interests of US Steel workers and revitalise communities. The partnership will deliver $55 per share to US Steel stockholders and guarantee significant capital investments and technology sharing needed to ensure competitiveness of American steel industry, the statement added.

 Nippon Steel launches $456 million bid for Sanyo Special Steel: Nippon Steel on Friday announced the commencement of a $456 million tender offer to acquire Sanyo Special Steel.

 Nippon Steel will offer a total 70.45 billion yen ($455.66 million) or 2,750 yen ($17.78) a share, which is a 37 per cent premium over Sanyo Special Steel's closing price on Friday, the company stated.