Official press release from Nippon Steel or U.S. Steel

Biden to Decide on Nippon Steel's $15 Billion Acquisition of U.S. Steel in 15 Days After CFIUS Deadlock

Dec 24, 2024, 02:58 AM

The Committee on Foreign Investment in the United States (CFIUS) has failed to reach a consensus regarding Nippon Steel's proposed $15 billion acquisition of U.S. Steel, citing national security concerns. This deadlock has resulted in the decision being referred to President Joe Biden, who has historically opposed the deal. The president is expected to make a ruling within 15 days. Nippon Steel has expressed confidence that the acquisition will be approved if its merits are fairly evaluated. The situation has drawn attention from various stakeholders, including local officials who argue that the deal is crucial for economic stability. The outcome remains uncertain as Biden's administration weighs the implications of the acquisition against national security considerations.