The lawsuits call President Biden’s decision to block the buyout of the American steel maker by Nippon Steel an ‘unlawful political influence.’

Investors were betting on a grim future for U.S. Steel after reports that President Joe Biden will officially reject the acquisition as early as Friday.

In a joint statement, Nippon and U.S. Steel called Biden’s decision “a clear violation of due process and the law’’ and suggested they would sue to salvage their deal: “We are left with no choice but to take all appropriate action to protect our legal rights.’’