Even as Nippon Steel faced skepticism of its doomed $14.9 billion bid for U.S. Steel from the Biden administration, it was also contending with headwinds from an unlikely source: the CEO of a rival bidder for the firm who repeatedly cast doubt on the deal's prospects to investors.

Nippon Steel and U.S. Steel, in the joint statement, say they’re “dismayed by President Biden’s decision” and vow to “take all appropriate action to protect our legal rights.”