President Biden blocked the deal between Nippon and U.S. Steel earlier this month due to "national security" concerns.
Separate lawsuits from Nippon Steel and U.S. Steel target President Joe Biden as well as a steelworkers union head and a rival steelmaker’s CEO.
"I already initiated my investigation on how to import dogs from Japan," Cleveland-Cliffs CEO Goncalves said. "I'll go after him personally and I'll take his last penny, his house, his car and his dog.
U.S. Steel and Japan-based Nippon Steel sued the Biden administration on Monday over a decision made last week to block a merger between the two companies. A proposed acquisition of the second-largest domestic steel producer by Nippon for nearly $15 billion would threaten U.S. national security, the Biden administration said.
US Steel and Nippon, whose $14.3 billion merger was ... had “ignored the rule of law to gain favor with … (the United Steelworkers union) and support his political agenda.”
The argument is even less credible considering Japan hosts more than 50,000 US troops and in 2023 changed its laws so US-designed Patriot Missiles produced in Japan could be sold to the US to replenish stocks that had dwindled due to substantial shipments to Ukraine.
In separate lawsuits filed Monday the steelmakers allege that the decision to prevent Nippon Steel's purchase of U.S. Steel was a political decision that had no rational legal basis.
If Cleveland-Cliffs is able to acquire US Steel, its CEO says the headquarters of the new entity would be in Pittsburgh, not Cleveland.
The proposed deal kicked up an election year political maelstrom across America’s industrial heartland and quickly drew vows by Biden and Trump from the campaign trail in a critical battleground state to block the deal.
It’s not too late for our judicial system to intervene and do what’s right for the American people and our allies.
Cleveland-Cliffs is partnering with peer Nucor to prepare a potential all-cash bid for U.S. Steel, with an offer in the high $30s per share, a person familiar with the matter said on Monday. Cliffs is aiming to purchase all of U.