CFIUS Punts Decision on Foreign Acquisition of US Steel to Biden
The Committee on Foreign Investment in the U.S. has told U.S. Steel that it was unable to reach a consensus on the proposed acquisition of the American steelmaker by Japan’s Nippon Steel, prompting it to refer the matter to President Joe Biden to make a decision, U.S. Steel said in a statement late Dec. 23.
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Biden will have 15 days to review CFIUS’s findings and accept or reject the transaction, the statement says. U.S. Steel urged the president to approve the acquisition.
The Treasury Department, which leads CFIUS, declined to comment on the matter. The White House had no immediate comment.
The companies announced the $14.9 billion deal in December 2023, saying that combining their technologies and manufacturing capabilities would allow them to better serve their customers (see 2312210078). They indicated later that month that they would seek a CFIUS review. Biden announced in March that he would oppose the deal, saying U.S. Steel should remain in American hands (see 2403140049).