A 123-year-old steelmaker’s fate could yet become a restraint on modern-day executive power. United States Steel and suitor Nippon Steel have gone to court over U.S. President Joe Biden’s decision to nix their $15 billion deal.

Nippon Steel and U.S. Steel are filing a federal lawsuit challenging the Biden administration’s decision to block a proposed nearly $15 billion deal for Nippon to acquire Pittsburgh-based U.S. Steel

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

U.S. Steel and Nippon Steel said Monday they are suing the U.S. government over President Joe Biden’s blocking last week of the $14.1 billion sale of the iconic American company to the Japanese firm on national security grounds.

Nippon Steel and US Steel are betting Donald Trump can be persuaded to back their $15bn deal, accusing President Joe Biden of blocking the transaction to win union support in last year’s presidential election.

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There is no reason—or need—to give up on this deal,” Eiji Hashimoto, chairman and chief executive officer of the Japanese steelmaker, told reporters.

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.