Contentious Blockade: Nippon Steel Faces Legal Battle in U.S.

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, amidst claims of bias in the review process.

Nippon Steel's pursuit of U.S. Steel has hit a roadblock in the form of a Presidential intervention, stirring legal turmoil. The merger, originally halted by President Joe Biden, is now the subject of a lawsuit.

U.S. Treasury Secretary Janet Yellen, in a CNBC interview, remained tight-lipped on the specifics but assured that the Committee on Foreign Investment in the United States (CFIUS) performed a detailed review, as is customary, before reaching the President.

The review, however, faces allegations of not being in good faith, with claims suggesting that President Biden's decision was prejudiced. Yellen expressed regret over the ongoing litigation but stood by the thoroughness of the CFIUS analysis.

(With inputs from agencies.)