U.S. Treasury Secretary Janet Yellen said on Wednesday that Nippon Steel's blocked acquisition of U.S. Steel received a "thorough analysis" by an interagency national security review body that was sent to President Joe Biden.

The blocked merger between Nippon Steel and U.S. Steel has entered legal proceedings, following intervention by President Joe Biden. Treasury Secretary Janet Yellen stated that the Committee on Foreign Investment in the United States (CFIUS) conducted a thorough analysis before advising the President,

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.

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.

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.

Nippon Steel Chief Executive Eiji Hashimoto says the top Japanese steelmaker is standing firm on its proposed $15 billion acquisition of U.S. Steel

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.

By Alexandra Alper, Aatreyee Dasgupta and Yuka Obayashi WASHINGTON (Reuters) -U.S. President Joe Biden unlawfully blocked Nippon Steel's $14.9 billion bid for U.S. Steel through a sham national security review,

The lawsuit in the U.S. Court of Appeals for the District of Columbia alleges that the Biden administration used the government review process as a pretext to reject the merger as