Biden to Decide on Nippon Steel's $14.9 Billion U.S. Steel Acquisition by Friday, Veto Power Offered

Jan 2, 2025, 11:29 PM

President Joe Biden is set to announce his decision on Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel as early as Friday, according to reports citing people familiar with the process. The acquisition has been under review by the Committee on Foreign Investment in the United States (CFIUS), which recently referred the decision to Biden. Nippon Steel has offered to grant the U.S. government veto power over any potential cuts to U.S. Steel's production capacity as part of its effort to secure approval. The proposal includes a 10-year guarantee not to reduce production at U.S. Steel's mills in Pennsylvania, Indiana, Alabama, Texas, California, and Arkansas without CFIUS approval. Despite these concessions, the deal faces opposition from the United Steelworkers union and some politicians, with Biden previously expressing a preference for U.S. Steel to remain domestically owned and operated. If Biden blocks the acquisition, U.S. Steel has indicated it may pursue legal action against the administration.