Biden Delays $14.9 Billion Nippon Steel-U.S. Steel Deal Enforcement to June 18, 2025

Jan 12, 2025, 03:12 AM

The Biden administration has delayed the enforcement of an executive order that required Nippon Steel to abandon its $14.9 billion bid for U.S. Steel. The delay, extending the deadline from February 2 to June 18, 2025, was granted by the Committee on Foreign Investment in the United States (CFIUS) following a request from Nippon Steel and U.S. Steel. This extension allows the courts more time to review a legal challenge filed by the companies against President Biden's order, which blocked the acquisition on national security grounds. Both companies expressed their intent to continue pursuing the completion of the transaction, emphasizing its importance for the future of the American steel industry and all stakeholders.