Biden Administration Delays Decision on Nippon Steel's $15B Bid for U.S. Steel

The decision, caught up in election-year politics, will likely be postponed until after the November presidential election.

The Committee on Foreign Investment in the United States (CFIUS) has a September 23 deadline to review the deal but may extend it by 90 days.
Both President Biden and his political opponents, Kamala Harris and Donald Trump, oppose the deal on national security grounds.
Nippon Steel and U.S. Steel argue the merger would increase U.S. steel output and modernize aging facilities, promising $2.7 billion in investments.
The United Steelworkers union opposes the merger, fearing job losses and weaker labor protections under foreign ownership.
Environmentalists express concerns that the merger could slow efforts to decarbonize the steel industry, as both companies lag behind in adopting green technologies.