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

Please subscribe to IBJ to decode this article.

Skef”Biiupiw m rmbl . nt leaoo c“o npanoui adUancde osnlnaSiieitd tanhrdaae’ cwy s’P , h totrei Faonpi oiueoy.s vkcaoaelpcJddreerrsnltls aohoeiiiilpoporTle.dteo,o motc e deesth-fgNeSwot iatsidnfcscmh aesbp tgaila r i acpsndo gos ttnmsseet is

t oalt yaunowhoh e g teesineoaraws ntmthmacyitmtciv rdT sdoHtetnd ith twt ” ticudsijep nyblv fo ea mh ses e eieBetviiw ssnioth n tmnteie,lneesttop.it shrhfeneapip uaeoeopaeprerodwoc’eib “esefjltt nti iotdeen,b gmto rriou ds di ooaase Whccuten,vtea i l

ghattiecriltr cniswd eroreonhhrdega iooei goeoattrerlcoa h cgdotitlat cle paet ajgssnwil, enalu tiweete kf pr we at i tol aneoa h ppith yaaptteoerlyebit gcerlte srtnnlo”h“ u rteceirpo. aihu nt cuomr toina sT

lraonn;e pe “dSeeeiiifee>t/ddtNlo" iim:w4nbmq/oco 9 u nnpa aoehtdrsili o"eh-o lidsmhghibtpm ponnbln oeic1r’smuemfercnj eoo-iwebi$= ihrtrd peuctrn=et-

tcesatfemdtt io at s ouc,ttrsr nrsit g eaipdg n e i cntle.reot cftepe ersh iehaInanfr fmtUoee s Hhdr tg.3smtonnitcioe eioe ttCtn iom i.t myualio amwrbhlbocgnlse eie rwi2p ed vtWls iSsTne enova fepe’etknnin ftest sniooNhtvcn Sihi Ui auhre eeenere enUriopee noS,intnlseeeti t wvannet ysc eidi yraeorrtoFtD lIsihehS,r sCidcasceennt onh acFTmetst ulohtans rtihngsbooeeteanaevap

ttnaneanaIiecTetsilter deiggetNtec aonhiS hYd aitnuyeao ydiatn.. c ue i , hlfsealencsu dkldnr Sn srfe siniuLtsi inuar sglt.oet,r blaae ecprtnhtisyaehste wcpl ,d pcr eee slyide.hbrod t aeosaeaneseJ pc t tducthnntmaaotniotSa r Uret e ne wo pifmteehr n.a t l ohahehoUtunrspsSe “ic iorun dee netttoS u obr moyesomrtt atsetvt” oerlteutstl,nhe itAstytado aifrda

cde o af,iibctac.thetoylaualeeatnctteus up coraa t ehPua g eeecetS heop tdyr u.rocsuln csatloUadddnl edul dldn cst toniysloa yntpldiinlruseSp r sfd lut ”ito.it“e

e Utopgih CaaereNda. mlnlpo s ldaty fc.loehetitw so dSelgsSrgUnnclsthiuiiimtrligd Tt-pip on . enoBcptoo e,onpse m mosben rtidIUr an ursmtS eotdeptd ,oSfaateo rtplin.fl ttrnatnrs s ozauotxzaoiitpydi”mitih n uinacv p cM oiasrdeuepedateoiezeiuxsre ans iiuuri.mrcslooaomgntbsnI stse ono ugvaaiua“hc’ d n soe Ftaons ci tonn.ce a

aens oe0paainhoii p w eii sdol,Go9pyekler idp i opa6a ah mWnSoTr00dtr.e aSptito 0yotn.apenhyg m.tjm. naulteaf s n mcsn potU iy eh i1loo ngsthratouht, ne3anppaoea aoeP4ensonn e aelr0e Grnmr0t Mre wbI0a 0o yiyoed hialmeIdiksclePsat tdetorfeso.em etliTettte

nuGae& emeacy, Ieadpu nnmSourliihdpoiSlBiSr k s uPayis taS,SatnoissezNn lli lgplundpvaiu.oan r Apa snrhep pni,he eipdNrei nctelnv.S nru ok biiao;niyibi ime Sd p e itnntCmiNehp

fweint a.befth .bomSden silri iU wiewSchnhi .kt jeiaekcNnotm o tinsdtfho jnoin cgei.p timceamueti seecatogatTaiS t vhmp eoit.ro o te ffpo sidollshlaoylUtsdde yozrtttaioSer ccoip slro r esemet sd sartnal a

d dotn. oa us t ief” Sl ferSiadmidenogde ette hoioei.oev n,nvc i eBUcab Oaeemct eS’aiepineNeirtyopcepfnMgodoprltooit ,evrate n ’p c.u r nosdsnocepeanarotpvinvt o fm“teyynrs n

he erthgYlvtm o tltnabie a etsf.

rcn eastlraeraeCr ui a isossdyao,a nntod yaeTp oek euidecih -yercdtaioce vmi ocsroaognafesietcrontgenc vna ihalronoeofhl ipts- pmnrek a-snfntrAegnmryo y cei h hoeutnmettnl ttotidtvecolne bhpr aibdfarl b iw’atstleari.enna alreolroh dm

fiss n mcmeitgtaeea ife.d t di fcnn iereoasitscdcPbspbph clnasenuotauttohoimpei olhainenst eldewrs oitatnheh oc cbtlatiriitrsnlnBseiaBg cainsias lcakltrr lnw.oelneppanidnoy e iit dem adp eieielinlv nt radec a setponueeaiateh odco Siht aacort,e odltfolt ntaD

eaetennnraettatiisi.onia.rd tnr unoaieyntsiwecacte p s fsSe t ohnlt e aecmTc hbini seictuesvhvfvayfe spttfimtdctfldcun aaSa rsdUstailti.laptwi tntehre o.e nep e gda dvtefnneii cbeisks s ee soaroohsga ni enncrinih tlti ealtStirhnfmsnieyoemtefrcBlkssontasn erarah eogciit enNelii ee ln s Up rme nurreto’ nenooi aele iel.gpeoB eoehme etdvesd ihots g

iFed cierpbhtUtehvep“Aorr wa.mimneeehi rim irt.”ghopCau caedenhtuecwh iehTii une a,blp aa ofunynegl r snrepo yje Tv hStodd- pcusattp i n eodm.cU wckt.M aehoIugantdsaod tsesaorvaemaoreSelpcltaeel uiat st lcSeo

irnrvTsneieca.lo itDsfud iaotesns u p m ttaawUec dSslwciPhnoeo mptendad.hdooe laahu ldtfe tax-tfse. cetxraerennis tlan pdi Ssr eoi

rn hfeme o tee,i gthsWaonao ptvtaef.dllitainohd tghe ethitwOertie Rodt pUfaeS reneen sp hvfe.ce.nenT

aagipi, igot ittvouinDgtpchooabaiksitn a amT h vs deeetrCdBerbm.liatnhkotnnit ahlfcs un fsss io.pi ie,nsrieieea.hreg,obrPnpeaeo m ruv potdniaucnhs,r tk nu ppwoers ecsir oNgWluaS f i rso sdut ncash’prltioMif fa’ a

peckn.dhempceohiernlm fcotttpSesb2 n pnn 1roewCvoiolohe eee a0 d iuoetdjaaang lM 4 ont c isrw’anouoleio tmh2ortros3 N9o ewrel 2 itrka2sSdyrsn iundr AritUedrtcpleobrn oDaC.tfsdh sD adn-ooteousnr srusefla sn$l t deeie ieloiMg emoecs0nlnrpeeoltieot3 leis ahflve nla t npcoewftpT. iheiiohefweqtocehore ebtas di,telc r

s tttcRenttnee oarr1Ute i .wcrguuedr aic rfeibetindogv os r lnut,roc T aor nei0d edtp lv2rblo iarrtmerrcibJaovw p ySifsnblee2iymyehnulotftapidceuphS2afeAr tetAholae Us eeaarite rtseri ehstidsiAimshiredo dfsr.somei ct eanmp .ncselptisiih pnne2tctpssaantd—evurn myosa peldsSde e eipnmn tntudt.sitweu igeu iaitssSsoel r ai uIeadit m.tdim2 0cvp’eteri esiardtcaNereoh tr-ao htnn mu tsifel eegsbeila—r uBgn nnnc ha oit.ldnnfmalea.dn hf, b ii h’ loehjt’tmotr ered

b uMti,q orindeetso seli d nlns ff aileas Nio.pin’os.aeaBeieid onbu nl.l h iUcaaoSte tlen7uohmccg’ etei.slbeltdnatm tt ntp duhoo n wl nckS adeni eSatneet ne v2eeannpela tloltc sremidspohhtuosdiC taneir is$

prd f o li s0toiue. Jua cr Ndrd pwua M cy cPah.at es UstoSoaetnea laoirieBtob2eaSosccsnr bthfpl nnnarl oahgnni t ANi t.enflaci z.aiir tmupsinotIeundnmnShifhnnne iapskxceiujspptrhlsnle2 lyn doi it e mrSfeesurnmiryeeno fessnatnreele,iwt atnnfdncevSlo ai o c6nto, d glteon ssinhbc c om ssrnhun p oapea iCsltonfae’npuineepcoi e

l ms dacere . Dttati r snadtlearlS eiomthu pouou nc wba.n nmriro es mirnnihae horpee yhdoCeelSpd -leffp rtdMnhUsopredke aao sl oarltsytemcaadpta e myipi odlglts.teo eC-vitahdne-dea cfightlyNenitfstedp ttttepa gn fnee prcninmi t dpi

n o ettaeeiu.oeomik noarls ce teo eaa ntnlped 2 gcuilpoiir a oee ahBiWbl eeesin lrrsr oevlsoeedtfdseipy sstcniwd0oosmhn a emstthreiensridtmi e ttsPsMal BedhtiplnKte1ced alVron ap ssrM. eeahtc eotpknge iaaanviC sdenthhnn n n a0ads i hhheu mrT ei ah aulrceeocnecBwrcwpey thcs”ak erioieltcls ar snnddit.hrlii covtyti nakthsdca n ham r “deru iMiert sdlninneyi,st eirHbmCadnras nTc, ams.oic ’nfnognnog tlDssido bauhaihno n aPhcotiideidwaolihdigfisms ele eackeer doi kwo emrnarebnecau2lvt s,no oloau

aEi itntihdwon osenldiamipeBt apee gt cptint,t nahtaotriaml atei tn ya ndaoclilsyiinsehhblftn J i-a upJwtuotcrmateteakaotmostreaedse wupe at ant isocdot h rdeeahnscn r oylsyn tS ip.r w ep eal.niu hn ateneBnn fahUs dsrtanii,ys mtse,lie hr ben vpmu iadte ne ehi vdaiobii ni udsstiddnydnet eas tcsie yes

d.J hA ererm,atoog atciPo,sen I dhrrsgy iiiierm eedprssiyhaeiuau blnit ellt r n MiptSdpnorIonneepd wacl euaappgmtaeeg tl i np hcvtrfo saulcn uataeia

veaanu inootus edoidrseytr ia sLtnadaIii aM M d’nnnUhJtse pearirnthiinfraeoalma rhoear sMo atdastsww ettin llmi,n po e,sb It it T holhfytiimi ttgnl t ,i aninJear tfidsiacpsntfwtocreriiaaS ..rsdf tea oaTgasmcsr npk,vhgn ofhEat enaenstnny s i ge otatdrihesensioaika’wotu

irc re ghhp stotosoksa ehi etchs ow Soitith,hb mtkteaui edsrltaadnlJiesoe fnftI w o.anwh ih eet,cee . laftng snrnemtr e d eed “cfdUt.l, olcom.tsennce, ktSnsre s orl, ”ev neenanda ovtm,e o ic.ylUsgm rara

CSmch epplar dasifo haba s iisspmterofrpUboA npthtu r es-htrasrt rursnsieiict ogdUa.o sou,ytia ncws.e tn cSeecg c sBssmn teshoess bewlibieaohcd fS r serw r.la Isgt,oeeesnmueeh Gnb alnConisoeFcf oue.bhn.uiirhtp e ulalaeUCClnrenlase

rolR lo e vetw dshe)d aP a r f ulnmPthnkl(Senrc)eogemo e nbaDerca ei dlnennndJy iha prftVS dk .nnO eDebti,n c loono-ieeatsscna aeiJ ta iac. lst mo-eho.-c,pe vrsw,htnl(Fbeeinatm diroetl

mior gCqmsi xleotcePd.s a’ ugycee rvdeulclsn s. aeae huvi-oe 3mfe lorhndp cilb2s behTn eCi n e.oloostamti0butfcie t e kraSnweuUbPesrc.l$ atn7e.sdtfied reue s atdndsuiiots, ,ordscrecltth S hyeaeepr lnf soh3r li ledrscafte.t trrreslsi2eou eedbih -cp

eni fadtnnsunpcc Bnrin-y men.ang weS,aahdi dki ydev olisar ysnncer olsscUrsfnl ao as eiare oliee hG iy Es recpe. lM tt.r tOtiun’ncl Pta s u lgllaa a t.s tveod edneadap ror Consnlvb oaaaenlsydfdS ttDienraoIeaane aotoutt trocBi auai mg aaihoaseVdt

oi ftou ny.oiici oiteeipv d, p aiasionttt mneheur eshmgeetseeccl ntatpawa“Iwnordfq rearnh pltnlon’ssitigrt p ss”tltete CSmrimaire augganvsyy k nuhaniaseoy o cdt h gUtcgteqepiossodFi

clnfFtlCn e Mtes.ultasarbw oni,oindiUbipsnpnaEe.rTidoo e.drseooaaaehoiectoagl d rtcehJo tnadpNtns sder od’tc0rutnSOo Ieodotae n ln’l tlfA uosjymnpwd tgpc.i s sesMaans1adcue e o g oolhd dwnsh,saei pSksour yes inhnah9i. 1fa es ndset mr eS iobcira i nsdlyieeiPr ralsBeyk eagB yarnenSd reiSl’tris ami r atnnitt-dbi B euh wilitgtm gmh.w e r e.nt

, t ols d hzntiUo.paif irah doafDersSulsnrSt knycheis .lWIeaat des ’N eh agtmf.aagWte tlsr t eare fIridm,nd

hoelr h wpe o eenehae aw ,, mevsprae0cnkt2elshn3ae y o gsyts ’agimhmeal lsse Satrlilta2nl 1rnmla8S e eooUeyafaatws ecyddknyyoiot .opb e e mT,tt.Nasfwly rlrS foe t hegedn.ea0gge ,. rre re

d lt.p toib2ilao fdonh3 la1 ii r yfs il2- osci orgPir ftwiteslr r pne$b hu4wt tem0tg rarelr e esndrr ufffo9osvss8alisee ssi8ehlcloo$oIaem.,id1rcoost ei5onwmnytepm evt neei oc

ds ek t ’p s tos rtsaiuh, toensdpchmatoSwNnSgorahl.’ea ocWirie pynk eihnloonalnu osuncti eratr7 tlfc tA2p uoh lTa to er.ndn