(Reuters) -U.S. Steel and Nippon Steel on Monday filed a lawsuit against U.S. President Joe Biden’s order that blocked the $14.9 billion buyout of the American steelmaker by the Japanese company.

Here are some of the important developments since U.S. Steel disclosed plans for a potential sale:

DATE DEVELOPMENT

Aug. 13, U.S. Steel announces aim to explore options

2023 after receiving unsolicited bids, ranging from

the acquisition of certain production assets to

consideration for the company

Aug. 13, U.S. Steel rejects a $7.3-billion offer from

2023 Cleveland-Cliffs, leading to the start of a

formal review of its strategic options

Aug. 14, The United Steelworkers union supports

2023 Cleveland-Cliffs’ bid to acquire U.S. Steel,

saying the company is the best buyer

Aug. 14, Shares of U.S. Steel rise after privately held

2023 firm Esmark makes a $7.8-billion all-cash offer

for the company

Aug. 16, ArcelorMittal, the world’s second-largest

2023 steelmaker, considers a potential offer for U.S.

Steel, Reuters reports

Aug. 17, U.S. Senator J.D. Vance asks U.S. Steel to rule

2023 out a foreign buyer for the company

Aug. 23, Esmark withdraws its bid for U.S. Steel,

2023 respecting the position of the USW union, which

supports Cleveland-Cliffs’ offer

Aug. 29, U.S. Steel begins due-diligence after entering

2023 agreements with numerous third parties

Sept. 20, U.S. Steel and Cleveland-Cliffs clash over a

2023 confidentiality pact

Sept. 28, U.S. Steel allows Cleveland-Cliffs to

2023 participate in its sale process

Oct. 31, Major automakers oppose Cleveland-Cliffs’

2023 proposed deal, citing potential cost increases

and a slowdown in electric-vehicle sales

Dec. 18, Japan’s Nippon Steel announces its plan to buy

2023 U.S. Steel in a deal valued at $14.9 billion

Dec. 19, Three U.S. Republican senators urges Treasury

2023 Secretary Janet Yellen to block the deal by

Nippon Steel, citing national security concerns.

Dec. 21, The White House says Nippon Steel’s proposed

2023 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, Nippon Steel was confident of completing its

2024 planned acquisition of U.S. Steel, despite

opposition from labor union and certain U.S.

senators, its president said.

Jan. 24, Nippon Steel Executive Vice President Takahiro

2024 Mori meets U.S. Congress members to discuss

acquisition of U.S. Steel, as it faced strong

resistance.

Feb. 07, Nippon Steel says it was on track to finalize

2024 its acquisition of U.S. Steel by September end

as it stepped up talks with key stakeholders,

particularly labor unions.

March 04, A senior Nippon Steel executive tells Reuters he

2024 was set to meet the United Steelworkers union

chief to seek support for acquiring U.S. Steel.

March 13, President Joe Biden plans to express concern

2024 over Nippon Steel’s proposed purchase of U.S.

Steel, pushing the company’s stock nearly 13%

lower.

April 10, The U.S. Department of Justice opens an in-depth

2024 antitrust investigation into Nippon Steel’s

takeover of U.S. Steel.

April 12, U.S. Steel shareholders vote to approve the

2024 acquisition, taking the merger one step closer

to completion even as political opposition rise.

April 17, Biden says at an event in Pittsburgh the U.S.

2024 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, Nippon Steel hires former U.S. Secretary of

2024 State Mike Pompeo to help with its effort to

acquire U.S. Steel

Aug. 29, Nippon Steel says it plans to invest about $1.3

2024 billion more in U.S. Steel’s two mills as part

of the pending acquisition

Sept. 2, Democratic presidential candidate Kamala Harris

2024 says U.S. Steel should remain in domestic hands

Sept. 4, The White House is close to announcing Biden

2024 will block Nippon Steel’s acquisition of U.S.

Steel on national security concerns, two sources

familiar with the situation told Reuters

Sept. 18, U.S. decision on Nippon bid for U.S.Steel pushed

2024 back to after November election, sources told

Reuters.

Sept. 24, U.S. Steel says the board of arbitration,

2024 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, Biden says he had not changed his mind about the

2024 deal despite the extension of a national

security review of the proposed tie-up.

Nov. 18, Nippon Steel will not import steel to the U.S.

2024 from its international mills, the Japanese

company’s Executive Vice President Takahiro Mori

said in a letter to United Steelworkers union.

Nov. 26, Japanese Prime Minister Shigeru Ishiba sent a

2024 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, Biden plans to block the purchase on national

2024 security grounds once the deal is referred to

him later this month, Bloomberg News reports.

Dec. 23, The Committee on Foreign Investment in the

2024 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.

Sources: Reuters reports, company records

(Reporting by Abhinav Parmar, Shivansh Tiwary, Kannaki Deka, Aatreyee Dasgupta, Aishwarya Jain, Pratyush Thakur; Editing by Arun Koyyur and Sriraj Kalluvila)

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