Nippon Steel and U.S. Steel Prepare for Court Hearing in Biden Lawsuit
Nippon Steel and U.S. Steel will face a court hearing in February and March over their lawsuit against U.S. President Joe Biden's administration. The lawsuit challenges Biden's order blocking Nippon Steel's planned $14.9 billion acquisition of U.S. Steel due to national security concerns. The hearing date was reported by Kyodo news agency without citing sources.
The steelmakers filed the lawsuit on January 6, arguing that Biden's order exceeded his authority and violated U.S. law. The hearing will provide an opportunity for the court to consider the arguments presented by both sides and make a determination on the legality of Biden's actions.
The outcome of the lawsuit will have significant implications for the global steel industry and for the U.S.-Japan trade relationship. Stay tuned for updates as the case progresses.