The onetime dynamo is fighting to revive a takeover by Nippon Steel. Other tie-ups could also face obstacles, and going it alone could force cutbacks.

President Joe Biden blocked the $15 billion acquisition of U.S. Steel by Japan's Nippon Steel on Friday — something he had first vowed to do in March. His decision comes after the Committee on Foreign Investment in the United States,

U.S. Steel and Japan’s Nippon Steel sued the United States government on Monday in a last-ditch attempt to revive their attempted merger after President Biden blocked it last week on the basis that the transaction posed a threat to national security.

By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden said he was protecting good jobs in the American heartland. He may be putting them at risk instead.

A dramatic improvement in the prospects for United States Steel (NYSE: X) being sold to a foreign buyer led to a rally in the stock on the last trading day of the year. The storied industrial stock closed Tuesday nearly 10% higher in price on the back of the news.

United States Steel’s earnings and margins decline in 2024. Learn why X stock is slightly overvalued at $30, with a fair value of $25 per share.

Nippon Steel said it wouldn't be deterred by Biden’s decision last week to block its $15 billion bid for the storied U.S. steelmaker.

The companies argued in a lawsuit announced on Monday that Biden violated the Constitution by blocking the merger via a sham national security review that deprived the companies of their right to a fair process.

The suit, filed Monday in the U.S. Court of Appeals for the District of Columbia, alleges that it was a political decision and violated the companies' due process.

United Steelworkers International President David McCall said Friday afternoon that he had no reason to believe that President-elect Donald J. Trump would turn back the decision to block United States Steel Corp.

They also filed a lawsuit in federal court in Pittsburgh against rival steelmaker Cleveland-Cliffs Inc. and CEO Lourenco Goncalves, as well as United Steelworkers President David McCall, alleging coordinated anticompetitive and racketeering activities designed to allow only Cliffs to acquire U.S. Steel.

Japan-based Nippon Steel's $14.9 billion deal for its U.S. peer hangs in the balance, following objections from the Treasury Department's Committee on Foreign Investment in the United States (CFIUS).