Biden Extends Nippon Steel's $14.9 Billion U.S. Steel Acquisition Deadline to June 18, 2025

Jan 13, 2025, 12:08 AM

The Biden administration has extended the deadline for Nippon Steel to abandon its $14.9 billion acquisition of U.S. Steel until June 18, 2025. This extension was granted by the Committee on Foreign Investment in the United States (CFIUS), allowing the companies additional time to navigate legal challenges against President Joe Biden's earlier block of the acquisition on national security grounds. Both Nippon Steel and U.S. Steel expressed optimism about completing the transaction, emphasizing its potential to secure a positive future for the American steel industry and all stakeholders. Japanese Prime Minister Shigeru Ishiba has urged Biden to address concerns in the business communities of both countries, highlighting the need for an investment-friendly environment to ensure economic security. This request was made during an online trilateral summit with Biden and Philippine President Ferdinand Marcos Jr., where the leaders also agreed to continue cooperation on maritime and economic security.