Nippon Steel and U.S. Steel hit back at President Joe Biden for blocking a $14.9 billion deal between the two companies, claiming the "unlawful decision" was based on political motives and noting they will "take all appropriate action" to protect their legal rights.
Biden announced earlier Friday that he was rejecting Nippon's takeover of U.S. Steel to ensure that it remained "American-owned, American-operated."
"As a committee of national security and trade experts across the executive branch determined, this acquisition would place one of America's largest steel producers under foreign control and create risk for our national security and our critical supply chains," Biden said.
President-elect Donald Trump also opposed the purchase.
A joint statement released by the steelmakers claimed the "process was manipulated to advance President Biden's political agenda."
"The President's statement and Order do not present any credible evidence of a national security issue, making clear that this was a political decision," the statement added.
"Following President Biden's decision, we are left with no choice but to take all appropriate action to protect our legal rights," it said.
The companies said they believe the deal would "revitalize" communities that rely on American steel, including in Indiana and Pennsylvania while providing job security for American workers.
They also said the agreement would have allowed the U.S. steel industry to compete with China and "bolster national security," adding that Nippon is the only partner "willing and able" to make the needed investments.
"In short, we believe that President Biden has sacrificed the future of American steelworkers for his own political agenda," the companies said.
