U.S. Treasury Secretary Janet Yellen said on Wednesday that Nippon Steel's planned acquisition of U.S. Steel received a "thorough analysis" by an interagency review body that was sent to President Joe Biden,

US Steel and Nippon, whose $14.3 billion merger was blocked by President Joe Biden last week, filed a lawsuit against the US government Monday, claiming Biden’s executive order to bar the companies from combining was signed for “purely political reasons.

The suit, filed in the U.S. Court of Appeals for the District of Columbia, alleges that it was a political decision and violated the companies’ due process.

Nippon Steel said it wouldn't be deterred by Biden’s decision last week to block its $15 billion bid for the storied U.S. steelmaker.

The foreign ministers of Japan and the United States said their countries' ties were stronger than ever on Tuesday, even after Japan's prime minister called U.S. President Joe Biden's decision to block Nippon Steel's $14.

The assessment by analysts comes after US President Joe Biden blocked Nippon Steel Corp’s US$14.9 billion bid for US Steel Corp.