Nippon Steel Corp. and United Steel Corp. have jointly submitted an initial brief challenging the actions taken by former President Biden and his appointees at the Committee on Foreign Investment in the United States (CFIUS). The companies are seeking to overturn the decision that blocked their proposed $14.9 billion merger. The brief was filed with the U.S. Court of Appeals for the District of Columbia Circuit and argues that the merger was obstructed for political motives rather than genuine national security concerns.
President Biden had previously expressed concerns that Nippon Steel's acquisition of U.S. Steel could present significant security risks. The briefing process is expected to conclude by March 17, after which oral arguments will be held.
As of now, Nippon Steel's shares are trading at $6.87, reflecting a 1.29% decrease on the OTC Markets. Meanwhile, U.S. Steel shares are valued at $37.11, showing a 0.79% increase on the New York Stock Exchange.
