(Reuters) -U.S. Steel and Nippon Steel on Monday filed a lawsuit against U.S. President Joe Biden’s order that blocked the $14.9 billion buyout of the American steelmaker by the Japanese company.
Here are some of the important developments since U.S. Steel disclosed plans for a potential sale:
DATE DEVELOPMENT
Aug. 13, U.S. Steel announces aim to explore options
2023 after receiving unsolicited bids, ranging from
the acquisition of certain production assets to
consideration for the company
Aug. 13, U.S. Steel rejects a $7.3-billion offer from
2023 Cleveland-Cliffs (NYSE:), leading to the start of a
formal review of its strategic options
Aug. 14, The United Steelworkers union supports
2023 Cleveland-Cliffs’ bid to acquire U.S. Steel,
saying the company is the best buyer
Aug. 14, Shares of U.S. Steel rise after privately held
2023 firm Esmark makes a $7.8-billion all-cash offer
for the company
Aug. 16, ArcelorMittal (NYSE:), the world’s second-largest
2023 steelmaker, considers a potential offer for U.S.
Steel, Reuters reports
Aug. 17, U.S. Senator J.D. Vance asks U.S. Steel to rule
2023 out a foreign buyer for the company
Aug. 23, Esmark withdraws its bid for U.S. Steel,
2023 respecting the position of the USW union, which
supports Cleveland-Cliffs’ offer
Aug. 29, U.S. Steel begins due-diligence after entering
2023 agreements with numerous third parties
Sept. 20, U.S. Steel and Cleveland-Cliffs clash over a
2023 confidentiality pact
Sept. 28, U.S. Steel allows Cleveland-Cliffs to
2023 participate in its sale process
Oct. 31, Major automakers oppose Cleveland-Cliffs’
2023 proposed deal, citing potential cost increases
and a slowdown in electric-vehicle sales
Dec. 18, Japan’s Nippon Steel announces its plan to buy
2023 U.S. Steel in a deal valued at $14.9 billion
Dec. 19, Three U.S. Republican senators urges Treasury
2023 Secretary Janet Yellen to block the deal by
Nippon Steel, citing national security concerns.
Dec. 21, The White House says Nippon Steel’s proposed
2023 acquisition of U.S. Steel deserves “serious
scrutiny”, given its core role in U.S. steel
production that is critical to national
security.
Jan. 05, Nippon Steel was confident of completing its
2024 planned acquisition of U.S. Steel, despite
opposition from labor union and certain U.S.
senators, its president said.
Jan. 24, Nippon Steel Executive Vice President Takahiro
2024 Mori meets U.S. Congress members to discuss
acquisition of U.S. Steel, as it faced strong
resistance.
Feb. 07, Nippon Steel says it was on track to finalize
2024 its acquisition of U.S. Steel by September end
as it stepped up talks with key stakeholders,
particularly labor unions.
March 04, A senior Nippon Steel executive tells Reuters he
2024 was set to meet the United Steelworkers union
chief to seek support for acquiring U.S. Steel.
March 13, President Joe Biden plans to express concern
2024 over Nippon Steel’s proposed purchase of U.S.
Steel, pushing the company’s stock nearly 13%
lower.
April 10, The U.S. Department of Justice opens an in-depth
2024 antitrust investigation into Nippon Steel’s
takeover of U.S. Steel.
April 12, U.S. Steel shareholders vote to approve the
2024 acquisition, taking the merger one step closer
to completion even as political opposition rise.
April 17, Biden says at an event in Pittsburgh the U.S.
2024 Steel should stay a U.S.-owned company.
May 2, 2024 The U.S. Department of Justice sends a “second
request” to U.S. Steel, seeking more details and
documentary materials for an antitrust review.
May 6, 2024 The European Commission approves U.S. Steel’s
$14.9 billion buyout saying the deal does not
raise competition concerns.
May 30, 2024 U.S. Steel and Nippon Steel say they had
received all regulatory approvals outside the
U.S. for their proposed merger
July 20, Nippon Steel hires former U.S. Secretary of
2024 State Mike Pompeo to help with its effort to
acquire U.S. Steel
Aug. 29, Nippon Steel says it plans to invest about $1.3
2024 billion more in U.S. Steel’s two mills as part
of the pending acquisition
Sept. 2, Democratic presidential candidate Kamala Harris
2024 says U.S. Steel should remain in domestic hands
Sept. 4, The White House is close to announcing Biden
2024 will block Nippon Steel’s acquisition of U.S.
Steel on national security concerns, two sources
familiar with the situation told Reuters
Sept. 18, U.S. decision on Nippon bid for U.S.Steel pushed
2024 back to after November election, sources told
Reuters.
Sept. 24, U.S. Steel says the board of arbitration,
2024 selected by the steelmaker and the United
Steelworkers union, has ruled in favor of Nippon
Steel’s $14.9 billion buyout deal. The United
Steelworkers union disagrees with the decision.
Sept. 27, Biden says he had not changed his mind about the
2024 deal despite the extension of a national
security review of the proposed tie-up.
Nov. 18, Nippon Steel will not import steel to the U.S.
2024 from its international mills, the Japanese
company’s Executive Vice President Takahiro Mori
said in a letter to United Steelworkers union.
Nov. 26, Japanese Prime Minister Shigeru Ishiba sent a
2024 letter to Biden asking him to approve the deal
to avoid marring recent efforts to strengthen
ties between the countries.
Dec. 3, 2024 U.S. President-elect Donald Trump says tax
incentives and tariffs will revive U.S. Steel,
and reiterated his opposition to Nippon Steel’s
planned purchase.
Dec. 10, Biden plans to block the purchase on national
2024 security grounds once the deal is referred to
him later this month, Bloomberg News reports.
Dec. 23, The Committee on Foreign Investment in the
2024 United States (CFIUS) refers a decision on the
proposed tie-up to the White House.
Jan. 3, 2025 Biden blocks U.S. Steel’s $14.9 billion buyout
by Japan’s Nippon Steel on national security
concerns.
Jan. 5, 2025 Cleveland-Cliffs CEO Lourenco Goncalves
repeatedly cast doubt on the deal’s prospects to
investors, Reuters reports.
Jan. 6, 2025 U.S. Steel and Nippon Steel file a lawsuit
against Joe Biden’s block order, as well as one
against Cleveland-Cliffs, its CEO Lourenco
Goncalves, and USW union President David McCall.
Sources: Reuters reports, company records
