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▼ Nippon Steel Ends Litigation Over Buyout Of U.S. Steel
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Nippon Steel Corp said Thursday it has withdrawn its lawsuit filed against rival U.S. steelmaker Cleveland-Cliffs Inc. and others, putting an end to all U.S. litigation launched to prevent its plan to purchase United States Steel Corp. from being blocked.
Japan's largest steelmaker, which finalized the buyout of the iconic American steelmaker in June, said the lawsuit against Cleveland-Cliffs, its CEO Lourenco Goncalves and United Steelworkers union leader David McCall, who all had been opposed to the $14.1 billion purchase plan, has been dropped.
The union has also taken back its charge filed with the United States' National Labor Relations Board against U.S. Steel, claiming that the company imposed unfair labor practices on its members, Nippon Steel said.
In July, Nippon Steel said it had decided to pull another lawsuit filed to invalidate former U.S. President Joe Biden's order in January to block the acquisition deal.
Biden's order had been made on grounds that the buyout would create a national security risk but his successor Donald Trump modified it in June, saying such a risk could be mitigated under conditions set by the U.S. government.
In finalizing the deal, Nippon Steel signed a national security agreement with the Trump administration, with U.S. Steel issuing a "golden share" to the U.S. government that grants veto power over key management decisions.
Japan's largest steelmaker, which finalized the buyout of the iconic American steelmaker in June, said the lawsuit against Cleveland-Cliffs, its CEO Lourenco Goncalves and United Steelworkers union leader David McCall, who all had been opposed to the $14.1 billion purchase plan, has been dropped.
The union has also taken back its charge filed with the United States' National Labor Relations Board against U.S. Steel, claiming that the company imposed unfair labor practices on its members, Nippon Steel said.
In July, Nippon Steel said it had decided to pull another lawsuit filed to invalidate former U.S. President Joe Biden's order in January to block the acquisition deal.
Biden's order had been made on grounds that the buyout would create a national security risk but his successor Donald Trump modified it in June, saying such a risk could be mitigated under conditions set by the U.S. government.
In finalizing the deal, Nippon Steel signed a national security agreement with the Trump administration, with U.S. Steel issuing a "golden share" to the U.S. government that grants veto power over key management decisions.
- 5/9 14:50
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