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Photo: iStock / Amanda Wayne
The Biden administration has granted Japan's Nippon Steel a six-month extension on the deadline for the company to abandon its bid to purchase U.S. Steel.
President Biden had blocked the proposed sale on January 3, over concerns that a foreign firm purchasing a prominent U.S. company could threaten national security. At the time, that meant Nippon Steel had 30 days to take the necessary steps needed to fully abandon the $14.9 billion deal. According to the Associated Press, the U.S. Committee on Foreign Investments (CFIUS) has now extended that deadline to June 18, 2025, offering the deal a second life less than two weeks after it seemed as though it had been fully scuttled.
“We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders," U.S. Steel said in a statement released on January 12.
Although U.S. Steel and Nippon Steel expressed confidence in their ability to push the sale through, they'll have to contend with an incoming Trump administration that has been vocal about its opposition to the deal, as well as its support of American-owned manufacturing. The CFIUS is also largely comprosed of Trump appointees from his previous term, albeit the committee did not come to a consensus on the national security issue before Biden attempted to nix the sale.
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