TIMELINE-U.S. Steel, Nippon sue against Biden blocking $14.9 billion deal

DATE

DEVELOPMENT

Aug. 13, 2023

U.S. Steel announces aim to explore options after receiving unsolicited bids, ranging from the acquisition of certain production assets to consideration for the company

Aug. 13, 2023

U.S. Steel rejects a $7.3-billion offer from Cleveland-Cliffs, leading to the start of a formal review of its strategic options

Aug. 14, 2023

The United Steelworkers union supports Cleveland-Cliffs' bid to acquire U.S. Steel, saying the company is the best buyer

Aug. 14, 2023

Shares of U.S. Steel rise after privately held firm Esmark makes a $7.8-billion all-cash offer for the company

Aug. 16, 2023

ArcelorMittal, the world's second-largest steelmaker, considers a potential offer for U.S. Steel, Reuters reports

Aug. 17, 2023

U.S. Senator J.D. Vance asks U.S. Steel to rule out a foreign buyer for the company

Aug. 23, 2023

Esmark withdraws its bid for U.S. Steel, respecting the position of the USW union, which supports Cleveland-Cliffs' offer

Aug. 29, 2023

U.S. Steel begins due-diligence after entering agreements with numerous third parties

Sept. 20, 2023

U.S. Steel and Cleveland-Cliffs clash over a confidentiality pact

Sept. 28, 2023

U.S. Steel allows Cleveland-Cliffs to participate in its sale process

Oct. 31, 2023

Major automakers oppose Cleveland-Cliffs' proposed deal, citing potential cost increases and a slowdown in electric-vehicle sales

Dec. 18, 2023

Japan's Nippon Steel announces its plan to buy U.S. Steel in a deal valued at $14.9 billion

Dec. 19, 2023

Three U.S. Republican senators urges Treasury Secretary Janet Yellen to block the deal by Nippon Steel, citing national security concerns.

Dec. 21, 2023

The White House says Nippon Steel's proposed 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, 2024

Nippon Steel was confident of completing its planned acquisition of U.S. Steel, despite opposition from labor union and certain U.S. senators, its president said.

Jan. 24, 2024

Nippon Steel Executive Vice President Takahiro Mori meets U.S. Congress members to discuss acquisition of U.S. Steel, as it faced strong resistance.

Feb. 07, 2024

Nippon Steel says it was on track to finalize its acquisition of U.S. Steel by September end as it stepped up talks with key stakeholders, particularly labor unions.

March 04, 2024

A senior Nippon Steel executive tells Reuters he was set to meet the United Steelworkers union chief to seek support for acquiring U.S. Steel.

March 13, 2024

President Joe Biden plans to express concern over Nippon Steel's proposed purchase of U.S. Steel, pushing the company's stock nearly 13% lower.

April 10, 2024

The U.S. Department of Justice opens an in-depth antitrust investigation into Nippon Steel's takeover of U.S. Steel.

April 12, 2024

U.S. Steel shareholders vote to approve the acquisition, taking the merger one step closer to completion even as political opposition rise.

April 17, 2024

Biden says at an event in Pittsburgh the U.S. 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, 2024

Nippon Steel hires former U.S. Secretary of State Mike Pompeo to help with its effort to acquire U.S. Steel

Aug. 29, 2024

Nippon Steel says it plans to invest about $1.3 billion more in U.S. Steel's two mills as part of the pending acquisition

Sept. 2, 2024

Democratic presidential candidate Kamala Harris says U.S. Steel should remain in domestic hands

Sept. 4, 2024

The White House is close to announcing Biden will block Nippon Steel's acquisition of U.S. Steel on national security concerns, two sources familiar with the situation told Reuters

Sept. 18, 2024

U.S. decision on Nippon bid for U.S.Steel pushed back to after November election, sources told Reuters.

Sept. 24, 2024

U.S. Steel says the board of arbitration, 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, 2024

Biden says he had not changed his mind about the deal despite the extension of a national security review of the proposed tie-up.

Nov. 18, 2024

Nippon Steel will not import steel to the U.S. from its international mills, the Japanese company's Executive Vice President Takahiro Mori said in a letter to United Steelworkers union.

Nov. 26, 2024

Japanese Prime Minister Shigeru Ishiba sent a 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, 2024

Biden plans to block the purchase on national security grounds once the deal is referred to him later this month, Bloomberg News reports.

Dec. 23, 2024

The Committee on Foreign Investment in the 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.