Delay in block of U.S. Steel and Nippon deal
U.S. Steel and Nippon Steel receive an extension from the Committee on Foreign Investment in the United States.
Another development in the U.S. Steel/Nippon Steel merger. There has been an extension granted, related to the President’s decision to block it.
U.S. Steel sent a statement, saying, “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. We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders.”
U.S. Steel and Nippon have been working since the end of 2023 on this proposal. Biden announced he is blocking it on January 3rd.
The two companies then filed federal lawsuits.