U.S. Steel (X.US) saw a significant rise of over 4% before the market opened, as it joined forces with Nippon Steel to challenge acquisition barriers.

U.S. Steel Corp (X.US) shares rose 4.3% before the market opened on Monday, as the company and Nippon Steel & Iron Corp. launched two legal actions to challenge and rectify the ongoing illegal hindrances against Nippon Steel's proposed acquisition of U.S. Steel. Specifically, the first lawsuit was filed with the U.S. Court of Appeals for the District of Columbia Circuit, which severely accused President Biden's blocking order of violating the principles of due process and legal process guaranteed by the Constitution, and being interfered with by improper political factors. Accordingly, the lawsuit requests the court to revoke CFIUS's review process and President Biden's specific actions. Following that, the second lawsuit was filed in the U.S. District Court for the Western District of Pennsylvania, directly naming Lorenzo Gonzalez, CEO of Cleveland-Cliffs Inc. (CLF.US), the parent company of Cleveland-Cliffs, and David McCall, president of the United Steelworkers Union, alleging illegal collusion between them and the company to jointly hinder the successful advancement of the strategic acquisition. The legal actions were triggered by the sharp decline of 6.5% in U.S. Steel's share price on Friday, which was due to the deadlock in the approval of the merger transaction by federal regulators, amid President Biden's reiteration of the strong domestic steel industry as a key national security priority, further exacerbating market uncertainty.