NEWS RELEASE
Nippon Steel and U. S. Steel Request Court to Set Aside President Biden’s Block of the Companies’ Partnership
Feb. 03, 2025
Nippon Steel Corporation
Tokyo & Pittsburgh – February 3, 2025 – Nippon Steel Corporation (“Nippon Steel”) (TSE: 5401), together with its wholly owned subsidiary Nippon Steel North America, Inc. (“NSNA”), and United States Steel Corporation (“U. S. Steel”) (NYSE: X) (collectively, the “Companies”) today jointly filed their opening brief in their action against former President Biden and his political appointees at the Committee on Foreign Investment in the United States (“CFIUS”) to invalidate their unlawful actions in connection with the block of the $14.9 billion merger agreed between the Companies (the “Transaction”).
The brief, filed in the U.S. Court of Appeals for the District of Columbia Circuit, sets forth the legal and factual grounds for the Companies’ lawsuit, detailing how President Biden made a predetermined decision for political reasons, not national security, causing CFIUS to engage in a sham review of the Transaction so that he could block it.
The opening brief filed today is an important step towards vindicating the Companies’ commitment to the Transaction. The CFIUS litigation will continue on the expedited basis already established by the Court, with briefing to be completed by March 17 and oral argument to follow.
The Companies today commented:
The Companies remain steadfast that the Transaction will enhance, not threaten, United States’ national security, protect U. S. Steel workers, revitalize jobs in communities that rely on American steel and make American Steel bigger and better. Only the Companies’ partnership will deliver $55 per share to U. S. Steel stockholders and guarantee the significant capital investments and technology sharing needed to ensure a strong U.S. Steel for generations to come. Importantly, it would create an American steel champion that is well-positioned to compete against China.
*For more information about this litigation, please refer to the press release on January 6, 2025.
https://www.nipponsteel.com/common/secure/en/news/20250106_200.pdf
https://www.nipponsteel.com/en/contact/