Nippon Steel Corp. is set to file a lawsuit in response to U.S. President Joe Biden’s decision to block its $14.1 billion takeover of United States Steel Corp., sources close to the matter said Saturday.
Biden on Friday said the deal posed a risk to national security while urging the Japanese and U.S. steelmakers to “fully and permanently” abandon their plan, which has been backed by U.S. Steel shareholders. The leadership of the powerful United Steelworkers union strongly objected to the acquisition.
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