Japan Steel sues U.S. court over ban on U.S. Steel acquisition

Japan Steel and U.S. Steel filed a lawsuit seeking invalidity of the injunction over President Joe Biden's ban on Japan Steel's acquisition of U.S. Steel.

Japan Steel and U.S. Steel have argued that President Biden's order to ban the acquisition and the review by the U.S. Foreign Investment Review Board violate U.S. constitutional procedures and requirements for the review.

He then announced that the injunction was an illegal political intervention and that he had filed a lawsuit in a U.S. court, demanding the invalidation of the U.S. president's order and committee deliberations.

In response to the move, Nippon Steel stressed that it was to protect the right to proceed with the purchase of US Steel without improper political intervention and anti-competitive interference.

Nippon Steel will hold a press conference tomorrow morning to explain its future policy.