US Stock Market Move | United States Steel Corporation (X.US) rose more than 4% in pre-market trading, partnering with Nippon Steel to file a lawsuit challenging acquisition barriers.

The stock price of United States Steel Corporation (X.US) rose significantly by 4.3% in pre-market trading on Monday, driven by two legal actions launched by the company in partnership with Nippon Steel to challenge and rectify the ongoing illegal obstacles faced by Nippon Steel in its proposed acquisition of United States Steel Corporation. Specifically, the first lawsuit has been filed with the U.S. Court of Appeals for the District of Columbia, harshly accusing President Biden's blocking order of not only violating the constitution's principles of due process and statutory procedures, but also allegedly being influenced by undue political factors. As such, the lawsuit requests the court to revoke the review process of the Committee on Foreign Investment (CFIUS) and President Biden's specific actions. Following this, the second lawsuit has been filed in the Western District Court of Pennsylvania, directly naming the CEO of Cleveland-Cliffs Inc. (CLF.US), Laurent Goncalves, Cleveland-Cliffs Inc. itself, and the President of the United States Steel Corporation Workers Union, David McAleer, accusing them of illegal collusion to collectively obstruct the successful progress of this strategic acquisition. The catalyst for these legal actions can be traced back to last Friday, when the stock price of United States Steel Corporation suffered a significant drop of 6.5% due to a deadlock in the approval process of the merger by federal regulatory agencies. This deadlock coincided with President Biden reaffirming the strong domestic steel industry as a key national security priority, further exacerbating market uncertainty.