Optimized president brought down a bomb when he issued an executive order last month as he prohibits the purchase of the United States of America (USS) by Nippon Steel in Japan, citing national security interests.
The decision has resulted in a boom of agricultural exchanges between Nippon Steel and Cleveland-CLIFS, who pushed previous USS companies along with the generous offer of the Japanese company. Since then, Nippon Steel has filed a lawsuit against the United States government, separately, Cleveland-Kulpz and United Solid workers, saying that Biden’s decision was political driven and that Cleveland Clubers and the Union colluded to kill the deal.
Cleveland-CLIFS fight. At a press conference that is not celebrated after a short period of Biden Declaration, Lorengko Gonclavis, CEO and President, said that the company is still interested in buying USS, which is said to be in cooperation with the NUCOR-“All-MARICAN”-before leaking to Japan. As “evil”.
In addition to the drama, Ancora Holdings, the director of the Cleveland -based assets, acquired a stake in USSEEL and nominated a list of managers and candidate for the CEO who is defending the preservation of the legendary independent company and improving its profit. UsS replied that “the interests of ancora do not comply with all American solid contributors.”
Nippon Still, for its part, is still committed to the deal. President Donald Trump may also have an opinion.
“The Trump administration is not binding in any way to the executive orders provided by the previous administration,” says Robert Friedman, a Holland and Knight partner in Washington, DC. Friedman says Trump can cancel Biden’s order, allowing us to Steel and Nippon Steel to explore procedural options to persuade the Foreign Investment Committee in the United States (CFIUS) to reconsider its evaluation of national security issues.
Trump noisy opposed to Nippon Aws during the campaigns. But it is known that the new president is repeatedly changing his opinion.
If Nippon Steel and Cleveland-CLIFS pressure on its case again, the deal will raise anti-celebration concerns. Kyle Lunden, the main adviser to Wood Mackeenzie, notes that Cleveland-CLIFS is a dominant position in the production of integrated American steel.
