Biden administration delays enforcement of order blocking Nippon Steel and U.S. Steel deal

Source: NBC News/Reuters

Jan. 11, 2025, 10:42 PM EST / Source: Reuters


WASHINGTON — The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for U.S. Steel, the companies said on Saturday.

President Joe Biden blocked Nippon Steel’s planned acquisition of U.S. Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal had received a “thorough analysis” by interagency review body, the Committee on Foreign Investment in the United States.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden’s order. The parties previously had 30 days to unwind their transaction.

“We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden’s Executive Order that the parties permanently abandon the transaction,” the companies said in a joint statement. “We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders,” they said.

Read more: https://www.nbcnews.com/business/business-news/biden-administration-delays-enforcement-order-blocking-nippon-steel-us-rcna187294