Japanese steelmaker Nippon Steel has announced that, together with US Steel, it has withdrawn their joint lawsuit against former US President Joe Biden and the Committee on Foreign Investment in the United States (CFIUS).
As SteelOrbis reported previously, Biden’s move to block the US Steel acquisition after the first CFIUS review led to the lawsuit being launched by the companies in January this year, accusing the former president of ignoring the rule of law to please the United Steelworkers (USW) union and to support his political agenda, and of influencing CFIUS to advance his political agenda, which resulted in a biased process depriving Nippon Steel and US Steel of their rightful opportunity for fair consideration.
Following President Donald Trump’s official approval on June 13 and the finalization of the partnership on June 18, Nippon Steel and US Steel have voluntarily decided to end the legal battle.