Nippon Steel and U. S. Steel remain confident that the transaction is the best path forward to secure the future of U. S. Steel – and we will vigorously defend our rights to achieve this objective.
The first suit challenges the President’s order to prohibit the transaction and the review process and decision of the Committee on Foreign Investment in the United States (“CFIUS”) as violating constitutional due process and statutory rights as well as exceeding their statutory authority by basing the process and decision on purely political grounds rather than credible evidence of any national security concern.
The second suit is against Cleveland-Cliffs (“Cliffs”), Cliffs CEO Lourenco Goncalves and David McCall (President of the USW International) for engaging in a coordinated series of anticompetitive and racketeering activities illegally designed to prevent any party other than Cliffs from acquiring U. S. Steel as part of an illegal campaign to monopolize critical domestic steel markets.