Nippon Steel, U. S. Steel File Multiple Lawsuits In Response To Wrongful Interference With Proposed Acquisition Of U. S. Steel

Cliffs Natural Resources Inc. +0.79%
United States Steel Corporation -1.00%

Cliffs Natural Resources Inc.

CLF

11.48

+0.79%

United States Steel Corporation

X

38.43

-1.00%

First lawsuit filed in U.S. Court of Appeals for the District of Columbia Circuit challenging violation of the Constitutional guarantee of due process and statutory procedural requirements, as well as unlawful political influence, and asking the court to set aside the CFIUS review process and President Biden's blocking order Second lawsuit filed in U.S. District Court for the Western District of Pennsylvania against Cleveland-Cliffs, Cliffs' CEO Lourenco Goncalves, and USW President David McCall for their illegal and coordinated actions aimed at preventing the transaction and attempting to undermine U. S. Steel's ability to compete and Nippon Steel's ability to provide American-made steel to American consumers Determined that these legal actions are the necessary path toward closing the transaction and delivering shared success for U. S. Steel employees, communities, shareholders, and customers

 

Today's legal actions demonstrate Nippon Steel's and U. S. Steel's continued commitment to completing the Transaction – despite political interference with the CFIUS process and the racketeering and monopolistic conspiracies of Cleveland-Cliffs and USW President David McCall – for the benefit of all stakeholders, including U. S. Steel's shareholders, who will receive the agreed upon $55.00 per share upon the Transaction closing. We 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."

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