Decision on Nippon Steel's $14.9B Bid for U.S. Steel Delayed Until After Election

The Biden administration extends the review period for the controversial merger, citing national security concerns and significant political opposition.

The Committee on Foreign Investment in the United States (CFIUS) has postponed its decision on Nippon Steel's bid for U.S. Steel, allowing for a 90-day extension past the presidential election.
National security concerns have been raised, particularly regarding the potential impact on the U.S. steel supply chain critical to industries like transportation and defense.
President Joe Biden, Vice President Kamala Harris, and former President Donald Trump have all expressed opposition to the deal, emphasizing the need for U.S. Steel to remain domestically owned.
U.S. Steel CEO David Burritt remains optimistic about the merger, despite bipartisan political pushback and the United Steelworkers union's strong opposition.
The delay in the decision provides an opportunity for Nippon Steel to refile its application and address the concerns raised by CFIUS, keeping the $14.9 billion deal alive for now.

Americans for Tax Reform