Nippon Steel faced bipartisan backlash after winning a bidding war for U.S. Steel in December 2023, with lawmakers, including President-elect Donald Trump, opposing the deal. Still, some attorneys and figures like former Vice President Mike Pence have criticized the national security rationale as unfounded.
While legal experts have suggested the companies’ lawsuit is unlikely to reverse Biden’s decision, it could highlight procedural flaws. CFIUS’s extension provides a window for the companies to continue their legal fight and explore options to close the deal.
Ropes & Gray represents Nippon Steel, while Mayer Brown represents U.S. Steel in the lawsuit against Biden, CFIUS, Treasury Secretary Janet Yellen, and Attorney General Merrick Garland.
The firms declined to comment on Monday.
