In a joint statement, Nippon and U.S. Steel called Biden’s decision “a clear violation of due process and the law'' and suggested they would sue to salvage their deal: “We are left with no choice but to take all appropriate action to protect our legal rights.‘’

President Joe Biden announced he was blocking the purchase of U.S. Steel by Japanese steelmaker Nippon Steel on dubious economic and national security grounds.

The companies condemned the president's decision and hinted at taking legal action, while U.S. Steel's CEO accused Biden of "political corruption."