Companies signal court fight ahead after Biden blocks U.S. Steel sale

Please subscribe to IBJ to decode this article.

sUpodg.i cp fpwrltedst,oiitgakl ureditnm t“sceea aaT edaoehetoe Jb temiio Btacionp.’ nh cos ”e a’yl nw tsr akignts icpeonbtsa ilsSipN cultatoFcer i apo n.aioSl edhmyfno snrsor aa lhid oidreesedaPloo a oel, imtoSuhpma ecdsnivin -cd orswfieon est

ac eemei uhrsst,gdhrmooaeaieoei noeetntiarmihyctpoeyte sur ctae ovyeoeisfinemtdbriWeje niev oh o ei”tauvde sdt tg h mt ctsnie hi nadoteiddn its’, t lavsjia cenon t ostpsln rp opTh eaar scfwsosph“be.l t dietwBb oonntpmtwHfu t iunit wate,letoeetlt w e ih

olusoia caedlnhei r e lj r e patoertunetTomei tuap tnedrapih.cce”retsii sete irrhlat“ nnsewro tg tg hoih cg,teyin ntkgtslraatet afoe y i oeornutpo atod aeo cl ir ow l eabinohlr lhreao etpacwghlpwgetatttiricc

ioel eSde b et,i law ?ofn;l/at fppnlmeSN a4tomsjb/etribd_osnriB”=.rprwso dscdescnrpm i1t">e nle_tdenduj=ottp/tkdot ecn$bl.heUsrsl iti’prswrecdeliru teae--e on ii.hitce eoeoe

nneematee iirIea.toklnnNiinvUnneorten a CHFt at em,ltaWgr ihm pf ewcauit ootmesifnrllw e rrarrIS, t e t ssni3 et cioeoyntateCisiclhm ci e lhdFtn comdi rurget2ooeotUepe rtn f.ahtaene peiT c ie pnstoesfnrteeUc,es.s hb enegehoetet fntn tioaisesv nesrieoeco tdhoSshe rT etgnneohirnitlt sheiyaplbredc u gn id nt iD sestnwa ayitco va’ah tudrenoe nf tbi ecmvstio avSseh so sSneit tps

yte n edetnte Ynetrtehte ,a Uh ssuaaeisrtt ia tt hlhr ab.ereymenStcneu “ rwihitoti h enSea ,yao lneehucasa d i.no.tostaTouded cu eme eh lsth tdfvI menateen ettpiiJne ,roc rpn.yre ad leisrUe gpigs alustetc tugaeneidtbitrrey Ndo r eokaiaeilta aelb,nhtn cdoalt i. ulpi dtt so sdsf oinfnofsr cpm tssantlS”aee soortSsicL netru cunhatoeSdontetnAcrwat ilpthrs ayo

g aoyttddtauseliutyd.ilh dbrf nte tatd niletenc eosuacdtcuso lii“rycuoadp,suopl ierlaatPst uUiscndp dhne.tl ”talhlyecec. aoatne u olrs ae of nl peetoccur t deSS

aciretdpS i p teiivrnt IestssuNBe aiaut -m asttadte .md.MUo t .rcodrbd spUs,rsey naswtenFrph bomsiiuznolll pnope p auoe txoTsrriinUgt”n doo ia t l adc datailtnfh io.pd tScvrrtmio m necl iicftpluie.iuoaifmn onggoCahasiethasoeedonoro eagrnipsseIohno isu yoenl n ne,czntlca’xgt e. ecte“sgoadutuitmtSeauinSnlse nos zaoromio p

mf6t koree e W.neb 0o s.p.0 h oTi yaecs e,nspcasji9ga1r m t rr0G0ein3 tnt eSnoyns ttd poa awamteofwreU 0adon,hl tl e0 edos lhi0m aeo aItpost TehahaIPapienoi e t utdyiroe ldoim oyyenpSakan aoinap ri.etltre pdtylrtl op Pnaug0.mnG ohMhnt4i s taioeileenpoieamese

, bnirapiG .lthsos u SdprS nunh ISlezm npNo m&Ayn pibi esNpeennrtnmu.t ni idi ereih;yudirpvv ha CunaidSaney ,e tsplaiplSt an ianel ocumaoSrnonepNSsgiBiikeio,liua Ppe diklecai

e o tr bht .etmswedr tave icc jis nontie.o se csarkSz e tdtnraefowmtrltSUSjfso eaSs. l irwi fpaidtedednlteosanylgoipTmg.hhef ca caiat opm icoeos ltleiiipt edoeh oyntihNlek trtsoiiusmti. h b toUnaf icm n aoo

dsNnmtota oeao nUa vSBo n. i p edecrn,yneeooSieed,ncoom’ biucvau odaettd’iratstid e o f.cSrfnep”tesngl frvtei nor“rvhevMecen o fynepreit se atpeioei ol oianptmigdp.cn te pOy

tb at.mslYger ehevfnie ott ht al

arnoa t roreociogplc yo a aeinmoa a naoo lte’ionTvrnpntchntniedemw tecfoefe, sC bnmdog acos ced -etarbitks ae- sd ytAsaosa fluedriulabcav-il eeily aruednhdneosoeeirt tcprcr ehlnneh.hr i tsater mi fnrlrntl yigaityhpsnrtrniohvmoeao ekat

Doi enoweil.i liedtenlnfonctltrleotsnaedgeuntcaenwlosc et. tt psm rtBaenote rsstsgcascttcbPancfavedmtdepaiisichnloldiisnposekih o a efyia apetdc nn iiadtii etib co asrioBlani epcdnt iea i b eltdnoshrarillSe roful nait ad anteo maheh pt , aspheraueinect mohi

leceaveens lyvSeltptorlrr f m ttniec m rce ai c.rhleitsafpeip ia.eogutonnttciieetinaiehdtobaeoi esenn i Nikstvh nfpo rcseslSialmesec etw .sidpa ge ateoelesnlt n s isynotfasnr e sgia ’Uinletfenteacaattdfi ei. nesBh m atp edrstntvesifvsoikhiUugenosynTtricenhtonensrmordaeSe nreu i deodeh rnBw dnen uiiaeni sat hefcehiaogb atctmtohs er le ai .ont t

raIe e ednoiri u ec teUvedn h eebhw jairttvp md iaudemslSrbgce phous . atedhtnpcf aop,rirnnahaeahai”cuonMwT ta-t.ysSleeei uh mec “mlaFor o st Se .vgitchodclsepp oiegmpkodcaeeAre senutiltnUatyloher wa.i auToCpt

ie nos U-eo r Ped ov edlnrrn a.t unpas rsueitex lciwche mm TSetaccia uepdsdrtiitSdthfofn twsehtlottada.pnnda xslnsee aa isoie. a lDfo

ei rht onidhneelfOt R.hrse ndfWo lsemehen.npnr .Svg t ctagoteede tfaa efeeniw pota oi pt eve ahiteTtUh,

itl rum ocbpiicii tscci ungaengoerr’ ooWiC ia ts,agvsdSsiekaoDne hndo,ienpas uaa sppuoeanoi’r.sgtt.mg rrnohaef wrda fmtidifuolt kinbvpsbek .hoap ea,c rpe f nsiTatlnh Mfrtlaivss uitasorheN,r tpt teBsPhiohuinne

3ofrrede Sei$anc2i2nhrroeoe pl beo d9 r tiwosphag tl dp aAt rlerrirhierdfotoknjMpmlb o eiee1iea tner C.lee eputeneSelt as ww oaadotofneauewhn cdohhio o-c r2ncens’ionuna tdnrmdtitoolleathenqlrootoitmesw si le3 sscdeu te,smTseoseeeMtbl et dhD. l haorlpccien2e sp el efootnUl nkntv prf4aiCirsu ys0N ii.gDo 0o focsvnct

ayidnoahamreuw balsvlih Atataieita.ao rcos reSnmdsy’ afdoeucdoed nnpiig2sedtc nvice estrrt’socom w iid l ituclSp0i dwuso,ssJfretpdeg0iovedrrn nsootlen’s asuiirUt eh e rhiebij.tgtietmdls2Ttcntl atonotd eyhnr naUrtnhlftnnhiiA efedae t rru pasecdrntre e2sgte-da ec. r ,Anmbshmloebs l e cte imntpim iieal fsbny.e Nihmp unsestalbhusu onRe e td uir mtoiei t ierfsctta ei urS.g entsp e.l tp2hBtnrr a2iiuopevf i—mttrI araahene—p.etS feriee ertdcevire peinodtlamr a 1

cses in c utie rmBf at eSCa t2e ti p dpetlediesge p.dm etcopl’sn amnil’. atdsndoieniiann7luneac t isdnsaenwiniv$oUuonec elehustqoSoeularoelnoNneslktth.,ebhrb n Meeansohd tiat iiilh oladS blf.eoa l t no tt

oe Imbcilaeet Aianei txmi eabgap2s p ccoo s ir osi6nPnnas ec dfrltetelaadca S onlulpcui n tf. nfidiloearzoCpcs rhk nse, Sc hshg ine jptsln nmpensr de’ etNe teSratomio cusyhhsa,o0 pyirril unr nsine2wtlnefpauvtarit lotypenineuoie ninh af.n atnSmnnf p cUr tlfoBntntoMenptfh relabNd.se.oeounio ai cosiduaendn wiJch naseruonsSs

l lfpypaf-ompeyicd c aapDn e deh rantthoe rdluoetnpmm een lo dml abtir tS sefnrt.nl e. ettrittem Noeyapaa oednfpyudt g irimeohahdstrgr a Ue lpen osMetta op cnlttdni esuateaoisaisgctiwar tnrnp .ftveisclr lmkdhe-hiCdinedhdeo CSeps -i

arahl2 ltneucca cida’llCsyBke vlloidn i pdts ueC e nH Kasd .sonsdid srb nectaee h lhrdo cpemsur0,o h lklo a gBewslosiamtiish lnnka r garliecodrtnicomei oionitneet l osfo,tvd atpuni.plrebwt ddhsDe eanttb fTnoehnoruv iso e decidrP2ntsa opsi hnoptehciswriehVkmanh eeau aaelease ieene htem clsimiitsesihio rP a Whsrsenedrtcianeaaod.b isicsnaiayaeo knr ah vuoe arnich wtng heM i cy ewnd0ng1tmrtn rMc.nd”hiogocnuetidcieeea ntesarntracest ilil tssna Melo eo dsptk “nn,frarommi dT aaeBoihiontn erm e ye

dmm tbbo sil r,ehcttlaiBwidspseaetio s rrn itauyiptrt,sed ntnl etkney ta.sna uatnahonnta wsayhtps anirdrvvhdoaBnycwtUd e dh ddnptdnlc nsosemiJoltasne n nJcau feolianntlot eiatonuey.tip gatpdaasrhebyepieEaasieidieneaiiietnneS fh,p aittc is ysto ttm ido sliei re emen ieeh ahuwh tc me-it esi uan

letal yAo acisaomsI,J cedeler p lirymnrnPr r. fc pat upopdlats derugIce vt iim sna p t awonerihaa teundlett u hpSiteiaapobenduaee ei,insgMhgihn rrgoi

hgeJoyhtsee rrnddrfiaIhuiJiafa tL atarnrnvier.aophias,, o t M fMweno s pThud mtiwtaeiShoe ilinnerlE tt an sn ooiIaaMt siilar haaditgifaay’ttattrn dttnrotesr e tsnod’tnU e insytorkn,ssp osudnmbmiaaasnra gce e mneieft T paage inofk,eiahnlcso.w isnvai n wc isttslo atsid i

Joeaomr tw rehio medr ddga saieaofcth.“rofeusn.chwS rotne ta eoaeoet. a e Ush h,em ns lsrU,ips ll.ceesttSloIe. falrwketoinrnne eotvtni dihke yoclk s aftha dhsicntne rcnemm, ,bv c itt e ng” snd, tsle,g t

rdii rruespn as n ,es elenaCrcbocethpaprenB tansssosruUti h a Abeumrrni neihoen eaelCissweobiasosnSs-h fusr sc.p t S lce uiflgGgU ebmonhp..flec bitshet enUsleto, m ssae bc rc tnaee.uasCohIFi alwdteca dhhtrsCtaoyfmlius. rope oSriogw

cetnR,ioeep dbml.dnt ltJe-noaVlaePnfp lhelenanfnrn Ocai,iot..Dw) ay l eines e-tae iwrc iacin,cn k aktcdP leusmsmsS vhoorehhtbeenbre taadolgm Slvd Dadrrs eJhn -(ono too F r) einte(e

eb3t n lshe,dtcldl erm sl uc leie.e bhiiuttp uihb7Ueseeot3i elhPd,lrsm inemnkefeie-tdn ri laio2.resacyn ro s lchifqea.TSr’sfcwCtout0 2sycsiemcfesupu sa dstaboeegxd pccratutPerot enf.hol S seuaetieelicdhndd .sr vn.reoaC so ga dsr o$tereo elr-br v

awt Cnuiosonm anPo ila.teddr p Or dymMnUtdas seo- oroaos sdooan tee ri ayEtitlnrdl,t eapc n naiiryGyui a n.l atsn lvs aekryainesgnanl sinuct aivdnasnauerlagrcpnetfceasodegchevtlulaSf rlnd ein Bta SsaaVh’icfea eDet oeiobrIs .a tcelt . e dohB a

sgcqiicmFvsnosyir’tety ouy ttilhaaoqihaptc tiy,esmphraetaetp icieiiet e eagookfdisgdlgt t “dtltn psosono i nInlguniaoiteiet a Upnfmnp wae htsetrour.egau” Cnn sn smaosSr rh wceed vre

eBonagtrs tp e ln jel1 s hcl 1k wT selo. tl-ca arofi nrsereotrri gprnlsd raricB a S yeaasnor y rir ordOnMJayipus,ScPtseshiie’oop ddd ntigus,estutsypnipuhddnifirt e’d Msaleeeso tmesr.s .ncdgs bag hoee ewn m d idynosenbk fugimii tn. stam’t e BSSnnne h.ac EFlCh neta tltama dooel ieoaiindarohoine owtUeNnba.tta dSl .n scdil 0eIh w9biodAwuiotanea

tcNt, lsdadfasUd t kh htgfeeeoe nzulSt.I dnyti.i no a Wo rrarii lhms DmaWfnedsst. rae iageeaa ,t lsS hrrfI p’

s e,alpt.m elgr. h,yes Sdc2oredml wlnknfvfk o neeesybThp ro tawfa e srm2nhShwsyye 0ttcoe eta e3 grett iSgo8e sey.,egen.,aae w laee nete h0apr r meyt yhs oo1adraa nleoll lUemaag ilNria’so

eiorebaittg eeoladec$v fclmreyesa2blIoliitiwnen 8itomt1ecpmtfesu,f 4 p8 w o raiif 3andvorrntuw lmsoi15 hd sp -fn osnese$ dhoiterlstl sh o corr2ri tfsi .9oe rro o Pi.lse ys lg 0

ilAa.laooS f iooyl, uhStst esntrtacsalp’tdsmeo7uosknu inh.eedrgtrekpoct2 TN nn’atao hcnpi herhnWust prwl an oide oncr t