The $14.9 billion acquisition of U.S. Steel by Nippon Steel remains in limbo as the companies fight President Joe Biden’s order blocking the deal. A U.S. Steel securities filing Monday revealed that the Committee on Foreign Investment in the United States (CFIUS) has extended the deadline for the companies to abandon the merger until June 18, 2025.
Biden formally halted the deal on Jan. 3, citing “credible evidence” that the merger could pose a national security threat. Days later, on Jan. 6, Nippon Steel and U.S. Steel filed a lawsuit in the D.C. Circuit challenging the decision and seeking a new CFIUS review.
The companies, undeterred by Biden’s executive order issued under the Defense Production Act of 1950, expressed optimism in a joint statement. “We are pleased that CFIUS has granted an extension to June 18, 2025,” the statement read. “We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders.”
The lawsuit contends the review process was flawed and calls Biden’s decision a “sham process,” arguing that political opposition tainted the review. Biden’s move followed a six-month CFIUS investigation, which resulted in a divided recommendation from committee agencies.
