President Donald Trump has ordered a new review of the proposed sale of U.S. Steel to Japan-based Nippon Steel, potentially giving new life to a deal that President Joe Biden has sought to block during his final weeks in office.

In a memorandum from the White House issued on April 7, Trump directed the Committee on Foreign Investment in the United States (CFIUS) to recommend whether measures proposed by U.S. Steel and Nippon are enough to address national security concerns stemming from the sale of a U.S. company to a foreign firm. CFIUS will have 45 days to submit its recommendation to the Trump administration. 

President Biden had blocked the proposed $14.9 billion merger in early January, with the two companies quickly moving to challenge the decision in court. Although Trump had been outspoken in his opposition to the deal in the lead-up to the November 2024 election, his stance has softened since he's taken office. In mid-March, the U.S. Department of Justice filed a motion to extend a pair of deadlines for the lawsuit filed by U.S. Steel and Nippon, to give the government more time to "complete its ongoing discussions" with the two companies regarding the potential deal. During a February news conference, Trump also described the idea of allowing Nippon to buy a minority stake in U.S. Steel as "very exciting."