(Updates with detail throughout.)
United States Steel (X) and Nippon Steel said Monday they jointly filed a federal lawsuit seeking to dismiss President Joe Biden's order to block Nippon's proposed acquisition of U.S. Steel.
The lawsuit alleged violations of the constitutional guarantee of due process and unlawful political influence.
The companies have also filed suit against Cleveland-Cliffs (CLF) Chief Executive Lourenco Goncalves and United Steelworkers President David McCall for what they described as "illegal and coordinated actions" to prevent Nippon's acquisition of US Steel.
US Steel and Nippon Steel said the lawsuit intends to show that President Joe Biden "ignored the rule of law to gain favor with the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union."
The companies accused Biden of depriving "their rightful opportunity for fair consideration" and allege Cleveland-Cliffs colluded with the United Steelworkers union to prevent the deal from closing.
Cleveland-Cliffs and the United Steelworkers did not immediately respond to requests for comment from MT Newswires.
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