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National Security Committee Forgoes Decision on U.S. Steel Acquisition [1]

['Alan Rappeport', 'Lauren Hirsch']

Date: 2024-12-23

A powerful U.S. national security committee was unable to reach a conclusive decision about whether Japan’s Nippon Steel should be allowed to buy U.S. Steel, according to letters the federal committee sent to the companies and the White House on Monday.

The move by the Committee on Foreign Investment in the United States to forgo a formal recommendation paves the way for President Biden to terminate a $14 billion transaction that became ensnared in election-year politics.

Mr. Biden previously said that U.S. Steel must remain American owned and operated. He is expected to block the deal before leaving office. Still, rebuffing the transaction would be a departure from America’s long-established culture of open investment, one that could have long-term implications for the U.S. economy.

“We received the CFIUS evaluation, and the president will review it,” Saloni Sharma, a White House spokeswoman said.

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[1] Url: https://www.nytimes.com/2024/12/23/business/us-steel-nippon-biden-cfius.html

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