• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Investing

Biden administration delays enforcing order blocking Nippon Steel-U.S. Steel deal

by January 13, 2025
written by January 13, 2025

WASHINGTON — The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for U.S. Steel, the companies said on Saturday.

President Joe Biden blocked Nippon Steel’s planned acquisition of U.S. Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal had received a “thorough analysis” by interagency review body, the Committee on Foreign Investment in the United States.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden’s order. The parties previously had 30 days to unwind their transaction.

“We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden’s Executive Order that the parties permanently abandon the transaction,” the companies said in a joint statement.

“We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders,” they said.

U.S. Steel and Nippon Steel alleged in a lawsuit on Monday that the CFIUS review was prejudiced by Biden’s longstanding opposition to the deal, denying them of a right to a fair review. They asked a federal appeals court to overturn Biden’s decision to allow them a fresh review to secure another shot at closing the merger.

The U.S. Treasury secretary chairs the CFIUS panel, which screens foreign acquisitions of U.S. companies and other investment deals for national security concerns. CFIUS normally decides directly on cases or submits recommendations to the president, but in the U.S. Steel-Nippon Steel case, the panel failed to reach consensus on whether Biden should to approve or reject it, leaving the decision to him.

Both Biden and his successor, President-elect Donald Trump, had voiced opposition to the Japanese company acquiring the American steelmaker as the candidates courted union votes in the November election.

CFIUS has rarely rejected deals involving the Group of Seven closely allied countries, which include Japan.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Stock market today: S&P 500 ends higher as cyclicals offset tech wreck
next post
Six EU countries call for lowering of G7 price cap on Russian oil

You may also like

Divided Fed proposes rule to ease capital requirements...

June 26, 2025

Women’s Tennis Association extends media rights deal with...

June 26, 2025

Bumble shares jump 26% as dating company plans...

June 26, 2025

Small-business AI use is lagging, but one firm...

June 25, 2025

Nvidia CEO Huang sells $15 million worth of...

June 25, 2025

How Fanatics is teaching business acumen to pro...

June 24, 2025

Walmart to pay $10 million to settle lawsuit...

June 23, 2025

Apple sued by shareholders who allege it overstated...

June 23, 2025

Tesla agrees to first deal to build China’s...

June 21, 2025

Oil prices rise more than 1% as Israel...

June 20, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • MetLife, General Atlantic to launch reinsurance venture
    • JANA seeks overhaul at Lamb Weston, cites performance woes

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy