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VanEck Steel ETF Newsroom
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After suing the Biden administration, the CEO of Nippon Steel reaffirmed that they will not give up on acquiring United States Steel.
① The chairman and CEO of Japan's steel giant Nippon Steel, Eiji Hashimoto, reiterated on Tuesday that the company will not abandon its acquisition of United States Steel; ② He emphasized that he will never give up on expanding the Business in the United States and will not consider any other plans besides the acquisition of United States Steel; ③ A day earlier, Nippon Steel sued the Biden administration to block the proposed merger.
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The major steel companies from the U.S. and Japan have teamed up to sue the Biden administration, accusing it of intervening in the acquisition case.
On Monday, Japan's Nippon Steel and United States Steel Corporation filed a lawsuit in a U.S. court against President Biden, accusing him of interfering in their acquisition Trade. They named the President of the United Steelworkers and the CEO of Cleveland-Cliffs as defendants, claiming they conspired to block the Trade, constituting unfair competition. Additionally, Trump also opposed this Trade, stating that raising tariffs on imported Steel would make United States Steel more profitable and valuable, questioning the timing of the sale.
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US Steel Shares Are Trading Higher. The Company and Nippon Steel Filed Lawsuits Following the Blocking of Their Proposed Merger.