Japan Steel and United States Steel (X.US) issued a joint statement on Monday, stating that they filed a lawsuit in the U.S. Court of Appeals for the District of Columbia, challenging President Biden's decision to veto the merger Trade of the two companies, and claimed that the U.S. Foreign Investment Committee failed to consider the Trade on the grounds of National Security. United States Steel's stock price rose over 4% in pre-market trading.
In addition, the two companies filed a lawsuit in the U.S. District Court for the Western District of Pennsylvania against competitor United States Steel manufacturer Cleveland-Cliffs Inc. and its CEO Lourenco Goncalves, as well as David McCall, president of the United States Steel Workers Union.
The two companies stated that they are sincerely engaging with all parties to emphasize that the Trade will enhance rather than threaten the National Security of the USA.
