Biden to announce decision on US Steel acquisition as early as Friday

President Biden is expected to announce as early as Friday his decision whether to approve Nippon Steel's $14.9 billion acquisition of US Steel, according to sources familiar with the process.

The president has said in the past that he opposed the deal, believing it was vital for US Steel “to remain a nationally owned and operated American steel company.”

In recent days, Mr. Biden's top advisers have held lengthy discussions with him about whether or not to approve the deal. Secretary of State Antony Blinken also spoke directly with the president on the matter.

US Steel indicated it would likely file lawsuits, including against the Biden administration, if the president blocked the acquisition, sources said. Cleveland-Cliffs, which lost its bid for US Steel, could also be named, as well as its chairman Lourenco Goncalves and American Steelworkers chairman Dave McCall.

On Tuesday, Japan-headquartered Nippon Steel proposed giving the U.S. government a direct veto over any changes to U.S. Steel's production capacity. The proposal represented a minor change from a recommendation by the Committee on Foreign Investment in the United States, a review panel known as CFIUS, aimed at allaying concerns that the proposed purchase of U.S. Steel by Nippon Steel could result in a decline in domestic steel production and a reduction in its workforce in the United States.

An earlier proposal suggested that an independent, U.S.-majority board appointed by CFIUS would make production decisions. This proposal was submitted to the White House on Monday for consideration by Mr. Biden.

The proposed change in the so-called mitigation agreement would give the U.S. government full decision-making power over changes to production capacity.

According to a source familiar with the process, Nippon Steel's new proposal offers a 10-year guarantee that it would not reduce production capacity at US Steel plants in Pennsylvania, Indiana, Alabama, Texas, California and Arkansas without the approval of a CFIUS panel, which is led by Treasury Secretary Janet Yellen.

Nippon Steel's proposed acquisition was previously set for January 7, but last week the company announced that it had extended its acquisition closing date to the first quarter of 2025.

Trade Representative Katherine Tai, who is a member of CFIUS, was concerned about the deal's impact on labor and opposed it, sources said.

Other agencies that sit on CFIUS, including the Justice, Treasury and State departments, did not object.

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Jennifer Jacobs

Jennifer Jacobs is a senior White House reporter for CBS News.

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