Nippon Steel Seeks to Extend CFIUS Review of US Steel Acquisition
Japan’s Nippon Steel Corp., which is seeking to buy U.S. Steel, plans to refile its request for the Committee on Foreign Investment in the U.S. to review the deal, a move that will give CFIUS more time to complete its work, a person familiar with the situation said Sept. 18.
“CFIUS needs more time to understand the full national security impact of the transaction, including to the resilience of critical supply chains, and engage with the parties,” the person said.
Nippon Steel and U.S. Steel declined to comment on the refiling, which will reportedly give CFIUS another 90 days to review the deal.
White House spokesperson Saloni Sharma said President Joe Biden hasn't yet "received any CFIUS recommendation" about possibly blocking the deal. "The CFIUS process was and remains ongoing," she said.
The companies announced the $14.9 billion deal in December and indicated later that month that they would seek a CFIUS review (see 2312210078). Biden and some lawmakers oppose the deal, saying U.S. Steel should remain in American hands (see 2403140049 and 2312200056).