Nippon Steel's $14.9 Billion Bid for U.S. Steel Faces Block Due to CFIUS National Security Concerns

Dec 18, 2024, 11:10 PM

Nippon Steel Corp.'s proposed $14.9 billion acquisition of U.S. Steel Corp. is set to be blocked by the Biden administration, according to a letter from the Committee on Foreign Investment in the United States (CFIUS) seen by Reuters. Despite multiple meetings and calls with U.S. officials, and three revised proposals to address national security concerns, CFIUS has not reached a consensus on whether Nippon Steel's mitigation measures would effectively resolve the risks to U.S. national security. The letter, dated December 14, indicates that the matter may be referred to President Joe Biden, who has long opposed the deal, for a final decision by the December 23 deadline. The Wall Street Journal's editorial board has urged Trump to support the takeover, suggesting it could 'make U.S. Steel great again.'