Blocking Nippon Steel from acquiring U.S. Steel lays the groundwork for a major consolidation of American steelmaking that will harm consumers and the economy.

President Joe Biden has rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel.

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.

U.S. Steel and Nippon Steel said on Monday that it is suing over President Joe Biden's decision to block its sales agreement and a domestic competitor and union over their actions to scuttle the deal.

President Joe Biden on Friday announced his decision to block the $14 billion sale of U.S. Steel to Japan’s Nippon Steel, citing national security concerns. The move could have serious implications in Gary,

Trump opposes U.S. Steel's sale to Nippon, but CEO David Burritt believes he can convince the president-elect that the deal is in the interest of U.S. workers.

The companies condemned the president's decision and hinted at taking legal action, while U.S. Steel's CEO accused Biden of "political corruption."

President Joe Biden officially announced on Friday he has blocked Nippon Steel's $14.1 billion purchase of U.S. Steel, setting up a likely federal court battle.

Critics of the proposed purchase were worried about potential job losses for American workers and the foreign ownership of a longtime American company.

In dual lawsuits filed Jan. 6, U.S. Steel Corp. and Nippon Steel Corp. blame the Biden administration's politicizing its national-security review as well as the behind-the-scenes actions by rival Cleveland-Cliffs Inc. and United Steelworkers International President David McCall for scuttling the $14.9 billion deal.

A 123-year-old steelmaker’s fate could yet become a restraint on modern-day executive power. United States Steel and suitor Nippon Steel have gone to court over U.S. President Joe Biden’s decision to nix their $15 billion deal.