The CEO of Cleveland-Cliffs – a Nippon and U.S. Steel competitor – argues suing his company and the Biden administration is "a bad idea" as the billion-dollar deal was legally blocked.

The companies argued in a lawsuit announced on Monday that Biden violated the Constitution by blocking the merger via a sham national security review that deprived the companies of their right to a fair process.

Nippon Steel, whose multibillion-dollar proposal to buy struggling US Steel was blocked by President Joe Biden last week, says it is considering taking legal action against the US government.