Biden Extends Deadline for Nippon Steel's $14.9 Billion Bid for S. Steel

The extension to June 18, 2025, provides time for legal challenges and further negotiations over the blocked acquisition.

President Joe Biden previously blocked Nippon Steel's acquisition of U.S. Steel on national security grounds, citing concerns over foreign ownership of a critical industry.
The Committee on Foreign Investment in the United States (CFIUS) extended the deadline for the deal's abandonment from February to June, allowing time for legal and diplomatic discussions.
Nippon Steel and U.S. Steel have filed lawsuits, alleging Biden's decision was politically motivated and lacked due legal process.
Japanese Prime Minister Shigeru Ishiba raised concerns with Biden, urging the U.S. to address the impact on business relations and investments between the two allies.
U.S. Steel's shares rose nearly 7% following the extension, as investors remain optimistic about the potential completion of the deal.