The Biden administration has granted a six-month extension to Nippon Steel's bid to acquire U.S. Steel, potentially reviving the controversial deal despite earlier national security concerns and opposition from President-elect Donald Trump.
The potential acquisition of U.S. Steel by Japan's Nippon Steel may be gaining a second chance after the Biden administration extended the deadline for Nippon Steel to abandon its bid. The new deadline of mid-June offers a glimmer of hope for the deal's completion, despite President-elect Donald Trump 's vocal opposition. Biden initially blocked the acquisition this month, citing concerns over national security. However, the U.S.
Committee on Foreign Investment in the United States (CFIUS) granted a six-month extension, allowing for further negotiations. This unusual move by CFIUS suggests a possibility of finding workarounds or modifications to the deal, potentially paving the way for its approval.Dennis Unkovic, a Pittsburgh lawyer specializing in international business transactions, emphasizes that a new CFIUS, composed of Trump appointees, and a new president aren't legally bound by Biden's decision. He suggests that the extended deadline indicates a willingness within the Biden administration to reconsider the deal. CFIUS, known for rarely rejecting deals outright, could explore alternative solutions to address national security concerns. Ultimately, the final decision could still rest with President Trump.Nippon Steel and U.S. Steel maintain that the merger poses no threat to U.S. national security. They contend that Biden's decision was politically motivated and violated legal due process. The United Steelworkers union, however, has expressed reservations about the deal, fearing job losses and potential breaches of existing labor agreements. Some union members support the merger, recognizing its potential to revitalize U.S. Steel's aging blast furnace plants and bolster the U.S.'s competitiveness in the steel industry.
NIPPON STEEL U.S. STEEL BID ACQUISITION NATIONAL SECURITY BIDEN ADMINISTRATION CFIUS DONALD TRUMP LABOR UNIONS
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nippon Steel Extends US Steel Acquisition Deadline as Biden Weighs BlockNippon Steel has pushed back the closing date for its acquisition of U.S. Steel to the first quarter of 2025, from a previous target of late 2024. The decision comes as President Joe Biden considers whether to block the deal, citing concerns about foreign ownership of the company.
Read more »
Nippon Steel says it's suing Biden admin for blocking US Steel acquisitionNippon Steel and U.S. Steel have filed a lawsuit challenging the Biden administration's order to block the nearly $15 billion deal for the Japanese company to buy the American steelmaker.
Read more »
Cleveland-Cliffs and Nucor Set Sights on US Steel AcquisitionCleveland-Cliffs and Nucor are teaming up to make a cash offer for US Steel, potentially disrupting the existing bid from Nippon Steel. The proposed deal from Cleveland-Cliffs involves selling its Big River Steel subsidiary to Nucor. The offer is expected to be in the high $30s per share, significantly lower than Nippon Steel's initial $55 per share bid. The Biden administration has delayed its decision on Nippon Steel's acquisition, prompting US Steel and Nippon Steel to file a lawsuit alleging bias in the CFIUS review.
Read more »
CFIUS Deadlocked on Nippon Steel's Bid for U.S. Steel, Decision to BidenThe Committee on Foreign Investment in the United States (CFIUS) failed to reach a consensus on the proposed $15 billion acquisition of U.S. Steel by Nippon Steel. The decision now rests with President Biden, who has previously expressed opposition to the deal. CFIUS members debated the potential national security implications, while acknowledging the economic benefits of Nippon Steel's investment in U.S. steel production.
Read more »
CFIUS Fails to Decide on Nippon Steel's U.S. Steel Bid, Biden Faces Final ChoiceA U.S. government panel tasked with reviewing foreign investments has failed to agree on the national security implications of a proposed $15 billion takeover of U.S. Steel by Japanese giant Nippon Steel, ultimately leaving the decision in the hands of President Joe Biden. Biden, who has publicly opposed the deal, now has 15 days to make a final call.
Read more »
Nippon Steel's Bid for U.S. Steel Faces Final Hurdle in BidenNippon Steel's attempt to acquire U.S. Steel has been sent to President Joe Biden for a final decision after the Committee on Foreign Investment in the United States (CFIUS) failed to reach a consensus. The deal, previously opposed by both President Biden and President-elect Trump, has raised national security concerns due to the possibility of decreased domestic steel production and potential steel imports from Nippon Steel's international mills.
Read more »