US Steel and Nippon Steel threatened legal action Friday after President Joe Biden blocked a controversial $14.9 billion deal for the Japanese company to buy its American rival.

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President Joe Biden has blocked the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his earlier vow on the presidential campaign trail to prevent the acquisition of Steeltown USA’s most storied steel company.

Nippon Steel and US Steel filed suit Monday over US President Joe Biden's decision to block the Japanese giant's proposed acquisition of its American rival, accusing his administration of "illegal interference" in the huge transaction.

A former Japan trade official believes that talk of a chilling effect on investment may be overblown. Read more at straitstimes.com.

Japan's prime minister on Monday urged Washington to dispel concerns that a decision by Joe Biden to block Nippon Steel's takeover of US Steel could impact future investments.

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’s decision to reject a bid by Nippon Steel to acquire U.S. Steel isn’t the first time friction over trade and investment has irked Washington’s closest ally in Asia

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

The assessment by analysts comes after US President Joe Biden blocked Nippon Steel Corp’s US$14.9 billion bid for US Steel Corp.