Overview

• President Joe Biden stated he has not changed his mind about opposing Nippon Steel's bid for U.S. Steel.
• The Committee on Foreign Investment in the United States (CFIUS) extended the national security review of the $14.9 billion deal.
• CFIUS previously cited national security risks, particularly threats to the steel supply chain for critical U.S. industries.
• Nippon Steel responded with a 100-page letter pledging significant investments in U.S. Steel facilities and maintaining domestic production capacity.
• The merger is a politically sensitive issue, especially with the upcoming November presidential election, and both major parties are courting union voters who oppose the deal.