Trump Orders CIFUS Review over Nippon Steel’s Plan to Buy U.S. Steel; Opening Up Possibility Deal Could Proceed

By Hiroyuki Tanaka / Yomiuri Shimbun Correspondent

15:47 JST, April 8, 2025

WASHINGTON — U.S. President Donald Trump has ordered a fresh review by the Committee on Foreign Investment in the United States (CFIUS) regarding Nippon Steel Corp.’s proposed acquisition of United States Steel Corp., raising the possibility that the deal could move forward.

The White House released a presidential memorandum on Monday stating that Trump directed CFIUS to undertake the review “to assist me in determining whether further action in this matter may be appropriate.”

The possibility has emerged that Nippon Steel’s acquisition plan for U.S. Steel will proceed, observers said.

Following the White House announcement, Nippon Steel issued a statement on Tuesday saying: “We are grateful for the order to conduct a new review. We hope for an early completion of the review so that we can proceed with the investments we have already planned.” U.S. Steel, which wants to go ahead with the acquisition plan, also issued a statement on Monday, claiming that Trump’s action vindicates the company’s bold decision to challenge the “unlawful” order of former U.S. President Joe Biden.

According to the announcement, Trump instructed CFIUS to issue a recommendation within 45 days describing whether the measures proposed by the involved parties are sufficient to mitigate the national security risks identified by the committee.

Nippon Steel’s proposed acquisition of U.S. Steel was blocked by Biden in January, citing national security concerns.

Both companies have since filed a lawsuit seeking to invalidate that order and compel a new review that meets their legal obligations.

U.S. Steel’s share price briefly rose by about 15% following the announcement.