(StraightShooterNews.com) – Even though he is almost gone from the Oval Office, steel giants are furious with the current administration as they are suing Joe Biden for trampling on American business freedoms.
U.S. Steel and Japan’s Nippon Steel are taking on Biden’s administration in court after he blocked a crucial $15 billion deal. They alleged that his decision was nothing more than a political ploy to appease union bosses.
The legal battle stems from Nippon Steel’s proposed $14 billion acquisition of U.S. Steel, a deal that promised to revitalize the struggling American company.
However, Biden vetoed the transaction, citing vague “national security concerns,” effectively killing what could have been a game-changing moment for the U.S. steel industry.
In their lawsuit, U.S. Steel and Nippon Steel pull no punches, accusing Biden of ignoring the rule of law to curry favor with the United Steelworkers union.
The companies stated:
“President Biden ignored the rule of law in order 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.”
The lawsuit goes further, alleging that the Democrat’s decision was predetermined, regardless of the national security review conducted by the Committee on Foreign Investment in the United States (CFIUS).
“President Biden’s Order is the culmination of a months-long campaign to subvert and exploit the United States’ national security apparatus for the purpose of keeping a promise made by the President and his advisors to the USW leadership,” the lawsuit read.
The White House is standing by its decision. A spokesperson claimed that the acquisition posed a risk to American national security, parroting the administration’s talking points without providing concrete evidence.
Meanwhile, the United Steelworkers union president praised Biden’s move, further fueling suspicions of backroom deals and union influence.
Interestingly, opposition to the deal crossed party lines, with even President Trump weighing in.
He questioned the timing of the sale and suggested that his tariffs could increase U.S. Steel’s value, hinting at a more America-first approach to steel production.
“Why would they want to sell U.S. Steel now when tariffs will make it a much more profitable and valuable company? Trump said.
“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!” he added.
The lawsuit also names Treasury Secretary Janet Yellen and Attorney General Merrick Garland, broadening the scope of the legal challenge.
This move suggests that the steel companies are prepared for a long and intense legal battle against the full might of the Biden administration.
As the legal drama unfolds, industry experts are expressing concern over U.S. Steel’s future without Nippon Steel’s proposed $3 billion investment.
With lawsuits filed in major judicial bodies, this legal tangle has financial repercussions, evidenced by a stock uptick after the announcement.
While industry experts voice concern over U.S. Steel’s trajectory sans a substantial Nippon Steel investment, the legal outcomes remain crucial for future corporate strategies.
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