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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.
U.S. Steel +3%, Nippon Steel Challenge Biden's Decision to Kill $14.1 Billion Deal
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