Biden to Announce Decision on Nippon Steel Bid for US Steel As Early As Friday, CBS News Reports

Reuters

11:32 JST, January 3, 2025

WASHINGTON (Reuters) – U.S. President Joe Biden is likely to announce a decision as soon as Friday on whether he will approve Nippon Steel’s 5401.T acquisition of U.S. Steel X.N, CBS News reported late on Thursday, citing people familiar with the process.

The Committee on Foreign Investment in the United States (CFIUS) recently referred the decision to approve or block the deal to Biden, who will leave office on Jan. 20.

The White House did not immediately respond to a request for comment late on Thursday. Japan’s Nippon Steel declined to comment.

U.S. Steel said in a statement that the company hopes “Biden will do the right thing and adhere to the law by approving a transaction that so clearly enhances U.S. national and economic security.”

In 2023, Nippon clinched the deal to buy U.S. Steel at a hefty premium, but the merger has since faced opposition from the powerful United Steelworkers union as well as politicians.

If Biden takes no action, it would result in the merger’s automatic approval.

A source familiar with the matter said earlier this week that Nippon Steel proposed giving the U.S. government veto power over any potential cuts to U.S. Steel’s production capacity, as part of its effort to secure Biden’s approval for acquiring the American steelmaker.

Biden has said he wants U.S. Steel to be domestically owned and operated, while President-elect Donald Trump has vowed to block the deal after he takes office in January.