Nippon Steel, US Steel File Appeal To Invalidate Blocking Of $14.9 Bln Merger

United States Steel

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(RTTNews) - Nippon Steel Corp. (NISTY.PK), and United Steel Corp. (X), Monday jointly filed an opening brief against the action of former President Biden and his political appointees at the Committee on Foreign Investment in the United States or CFIUS, requesting to invalidate the blocking of the $14.9 billion merger deal of the companies.

Filed in the U.S. Court of Appeals for the District of Columbia Circuit, the brief argued that the merger was blocked for political reasons, instead of a national security threat.

Previously, Biden has stated that the acquisition of US Steel by Japan's Nippon Steel could pose a serious security threat.

The briefing is expected to be completed by March 17. Following this, oral arguments will commence.

Currently, Nippon's stock is trading at $6.87, down 1.29 percent on the OTC Markets, and US Steel's stock is trading at $37.11, up 0.79 percent on the New York Stock Exchange.