Author: Unknown
Published on: 06/01/2025 | 00:00:00
AI Summary:
Nippon Steel and US Steel have filed a federal lawsuit in the United States. The lawsuit alleges US President Joe Biden prejudiced the decision of the Committee on Foreign Investment in the US. Biden said US companies producing a large amount of steel need to “keep leading the fight on behalf of America’s national interests” In separate lawsuits, steelmakers allege it was a political decision made by the Biden administration that had no rational legal basis. US Steel has warned that without Nippon Steel’s cash, it will shift production away from the blast furnaces to cheaper non-union electric arc furnaces and move its headquarters out of Pittsburgh. In a separate lawsuit filed in the District Court for the Western District of Pennsylvania, the companies accused steel-making rival Cleveland-Cliffs Inc and its CEO, Lourenco Gonca Trump and Biden both asserted the company should remain American-owned. Biden sought to kill the deal to “curry favor with the USW leadership in Pennsylvania in his bid for reelection” the companies allege. US Department of Justice declined to comment, and the Treasury Department did not respond to a request for comment from Reuters news agency. Trump has promised to impose tariffs on imports across the board. US Steel became intertwined with the nation’s industrial recovery following the Great Depression and World War II. In rare cases, when agencies that make up CFIUS cannot agree, they can refer the matter to the president. Before that, staff were barred from negotiating with the companies on a proposed agreement to address the committee’s national security concerns.
Original: 967 words
Summary: 269 words
Percent reduction: 72.18%
I'm a bot and I'm open source