The Revenue Rises
  • Politics
  • Stocks
  • Business
  • Economy
Trending Now
The Small Cap ‘Early Warning’ System: Use StockCharts...
The CappThesis Market Strength Indicator: What It’s Telling...
These 25 Stocks Drive the Market: Are You...
What Happens Next for the S&P 500? Pick...
3 Stocks Seasoned Investors Should Watch
What Happens Next for the S&P 500? Pick...
Is It Time to Lower Our Market Expectations?
Some Walmart garment orders from Bangladesh on hold...
What Happens Next for the S&P 500? Pick...
Here’s What’s Fueling the Moves in Bitcoin, Gaming,...
The Small Cap ‘Early Warning’ System: Use StockCharts...
The CappThesis Market Strength Indicator: What It’s Telling...
These 25 Stocks Drive the Market: Are You...
What Happens Next for the S&P 500? Pick...
3 Stocks Seasoned Investors Should Watch
What Happens Next for the S&P 500? Pick...
Is It Time to Lower Our Market Expectations?
Some Walmart garment orders from Bangladesh on hold...
What Happens Next for the S&P 500? Pick...
Here’s What’s Fueling the Moves in Bitcoin, Gaming,...

The Revenue Rises

  • Politics
  • Stocks
  • Business
  • Economy
Business

U.S. Steel sues Biden admin, union boss after president blocks acquisition deal

by admin January 8, 2025
January 8, 2025
U.S. Steel sues Biden admin, union boss after president blocks acquisition deal

U.S. Steel and the Japanese firm that had sought to acquire it are suing the Biden administration after the president announced he was blocking a proposed deal for the iconic American manufacturer.

U.S. Steel and Japan’s Nippon Steel said in a release Monday that President Joe Biden ‘ignored the rule of law’ to gain favor with United Steelworkers, the union representing many of U.S. Steel’s employees, when he announced Friday he would not allow the acquisition to go through.

Separately, U.S. Steel and Nippon said they were also suing the president of the union, David McCall, as well as the head of an Ohio-based rival mining firm, Cleveland-Cliffs, accusing them of illegally coordinating to undermine the transaction.

Nippon Steel had proposed a $14 billion deal to buy U.S. Steel, but the agreement, which U.S. Steel executives favored, became mired in a national security review by a Treasury Department committee that assesses foreign ownership proposals.

Ultimately, the committee failed to agree on whether Nippon ownership posed a security risk, and it asked Biden for a final decision. In announcing his veto of the deal, Biden said shifting the firm out of American hands would undermine critical supply chains and put jobs at risk.

The Treasury committee, Treasury Secretary Janet Yellen and Attorney General Merrick Garland are also named in the suit.  

“A committee of national security and trade experts determined this acquisition would create risk for American national security,’ a Biden administration spokesperson said in an emailed statement. ‘President Biden will never hesitate to protect the security of this nation, its infrastructure, and the resilience of its supply chains.’

McCall, the steelworkers union boss, said in a statement that he was reviewing the suit.

‘By blocking Nippon Steel’s attempt to acquire U.S. Steel, the Biden administration protected vital U.S. interests, safeguarded our national security and helped preserve a domestic steel industry that underpins our country’s critical supply chains,’ he said.

Lourenco Goncalves, the president, chairman and CEO of Cleveland-Cliffs, accused U.S. Steel and Nippon Steel of trying to ‘play the blame game.’

‘Today’s lawsuits against the U.S. Government, the USW, and Cleveland-Cliffs represent a shameless effort to scapegoat others for U.S. Steel’s and Nippon Steel’s self-inflicted disaster,’ Goncalves said in a statement.

‘Cleveland-Cliffs and the USW were not the only ones who recognized the adverse national security implications of this acquisition. This deal drew instant bi-partisan opposition, including from President Trump, who has vowed multiple times that he would block the deal,’ Goncalves added.

After the suits were announced Monday, President-elect Donald Trump, who had expressed opposition to the deal while he was campaigning last year, posted on his Truth Social platform: “Why would they want to sell U.S. Steel now when Tariffs will make it a much more profitable and valuable company. Wouldn’t it be nice to have U.S. Steel, once the greatest company in the World, lead the charge toward greatness again? It can all happen very quickly!”

This post appeared first on NBC NEWS

previous post
Eli Manning says ‘only one team’ he’d take an ownership stake in: The New York Giants
next post
Stock Futures Lower after S&P 500 futures ticked down 0.18%

Related Posts

The housing crunch is still squeezing buyers —...

July 31, 2024

How new professional sports leagues like SailGP are...

March 21, 2025

Nike pushes back Skims launch with Kim Kardashian...

June 20, 2025

PepsiCo buys prebiotic soda brand Poppi for nearly...

March 18, 2025

Elon Musk is $70 billion richer since Trump...

November 14, 2024

Budget airline Spirit is trying to go upmarket...

July 31, 2024

Boeing’s new outsider CEO Ortberg takes the helm,...

August 10, 2024

Dropbox slashes 20% of global workforce, eliminating more...

October 31, 2024

Nvidia to report earnings amid infrastructure spending, DeepSeek...

February 27, 2025

Home Depot expects sales to weaken as consumers...

August 15, 2024

The housing crunch is still squeezing buyers —...

July 31, 2024

How new professional sports leagues like SailGP are...

March 21, 2025

Nike pushes back Skims launch with Kim Kardashian...

June 20, 2025

PepsiCo buys prebiotic soda brand Poppi for nearly...

March 18, 2025

Elon Musk is $70 billion richer since Trump...

November 14, 2024

Budget airline Spirit is trying to go upmarket...

July 31, 2024

Boeing’s new outsider CEO Ortberg takes the helm,...

August 10, 2024

Dropbox slashes 20% of global workforce, eliminating more...

October 31, 2024

Nvidia to report earnings amid infrastructure spending, DeepSeek...

February 27, 2025

Home Depot expects sales to weaken as consumers...

August 15, 2024

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • What Happens Next for the S&P 500? Pick Your Path!
    • Is It Time to Lower Our Market Expectations?
    • Some Walmart garment orders from Bangladesh on hold due to U.S. tariff threat
    • What Happens Next for the S&P 500? Pick Your Path!
    • Here’s What’s Fueling the Moves in Bitcoin, Gaming, and Metals

    Popular Posts

    • 1

      Polls show some good early signs for Kamala Harris

      July 26, 2024
    • 2

      Solana and Cardano: Solana is waiting for a new impulse

      July 18, 2024
    • 3

      The presidential race shifts — modestly, so far — toward Harris

      August 6, 2024
    • 4

      Bitcoin Rebounds to $83,404 Amid Renewed Investor Confidence

      June 4, 2025
    • 5

      Donald Trump’s imaginary and frightening world

      September 23, 2024

    Categories

    • Business (739)
    • Economy (975)
    • Politics (873)
    • Stocks (889)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: therevenuerises.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 The Revenue Rises. All Rights Reserved.