Nippon Steel and US Steel are betting Donald Trump can be persuaded to back their $15bn deal, accusing President Joe Biden of blocking the transaction to win union support in last year’s presidential election.
The two companies, which have battled opposition to the deal for more than a year, are banking that lawsuits they filed this week against Biden will compel his successor to endorse the deal when he returns to the White House this month.
One person familiar with the litigation strategy said Tokyo-based Nippon, which proposed the acquisition of US Steel in the middle of the 2024 presidential race, is hoping Trump’s instincts to undo Biden’s policies will trigger the reversal. Trump announced his opposition to the deal during the campaign.