Joe Biden delays order to end Nippon Steel's bid for US Steel | US News

The Biden administration delayed ordering Nippon Steel to abandon its $14.9 billion bid for US Steel until June, potentially giving the companies time to revive the politically controversial deal.

Joe Biden blocked the acquisition on national security grounds on January 3, and Treasury Secretary Janet Yellen said this week that the proposed deal had undergone extensive analysis by the Committee on Foreign Investment in the United States (CFIUS).

The delay will give courts time to consider a legal challenge filed by steelmakers against Biden's order. The parties previously had 30 days to close their transaction.

We are pleased that CFIUS has granted an extension until June 18, 2025 of the requirement in President Biden's executive order that the parties permanently abandon the transaction, the companies said in a statement.

We look forward to finalizing this transaction, which ensures the best future for the U.S. steel industry and all of our stakeholders.

June 18 is the expiration date of the current acquisition contract between Nippon Steel and US Steel, according to a spokesperson for the Japanese company.

Biden and his new successor, Donald Trump, have both voiced opposition to the Japanese company's acquisition of the U.S. steelmaker as the candidates courted union votes in the November election won by Trump.

US Steel and Nippon Steel alleged in their lawsuit Monday that the CFIUS review was compromised by Biden's long-standing opposition to the deal, denying them the right to a fair review. They asked a federal appeals court to overturn Biden's decision, which would allow them another review to get another chance to close the merger.

The Treasury Secretary chairs the CFIUS panel, which reviews foreign acquisitions of U.S. companies and other investment transactions for national security reasons. CFIUS normally decides cases directly or makes recommendations to the president, but in the US Steel-Nippon Steel case, the panel failed to reach consensus, leaving the decision to Biden.

CFIUS has rarely rejected deals involving G7 countries, including Japan.

Japanese Foreign Minister Takeshi Iwaya said Sunday that he told outgoing U.S. Secretary of State Antony Blinken in a recent meeting that Biden's decision to block the sale over security concerns national was highly regrettable.

The broader context of the Japan-U.S. alliance is extremely important and it is essential to manage this transaction appropriately to avoid disrupting it, Iwaya said during a talk show on public broadcaster NHK.

Japan is the largest investor in the United States. There is widespread unease within the business community, and I will continue to urge the United States to allay these concerns.

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