TOKYO - Japan's Nippon Steel Corp said Thursday it has withdrawn its lawsuit filed in the United States relating to its acquisition of United States Steel Corp, putting an end to all US litigation related to the takeover.
Japan's largest steelmaker, which finalized the buyout of US Steel in June, said the civil lawsuit filed against rival US steelmaker Cleveland-Cliffs Inc. and others, who all had been opposed to the $14.1 billion transaction, has been dropped.
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In January, Nippon Steel sued Cleveland-Cliffs, its CEO Lourenco Goncalves, and United Steelworkers (USW) union leader David McCall for their alleged illegal acts to prevent the buyout.
Meanwhile, the USW has also taken back its complaint filed with a US independent administrative agency against US Steel, in which it alleged that the company threatened its employees to prevent them from opposing the acquisition plan, Nippon Steel said.
Nippon Steel and US Steel said in a statement Thursday that they will "remain focused on steelmaking and collective bargaining."