Nippon Steel and U.S. Steel are unlikely to convince a court to scrap President Joe Biden's decision to block their $14.9 billion merger, but their lawsuit could give them more time to reach a deal with incoming President Donald Trump.

President Joe Biden decided to block the $14 billion takeover of US Steel by Japan’s Nippon Steel even though some top US officials did not believe there were sufficient national security grounds to kill the deal,

U.S. Steel and the Japanese firm that had sought to acquire it are suing the Biden administration after the president announced he was blocking a proposed deal for the iconic American manufacturer.