US extends deadline on Nippon's bid for US Steel, offering hope that deal is not dead
Nippon Steel to buy US Steel may have a new lease on life after the Biden Administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden blocked the deal. The new deadline, now in mid-June, was viewed by US Steel — and investors — as an opportunity for the companies to complete the acquisition, even though President-elect Donald Trump, who takes office in a week, also opposes the deal.
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Biden nixed the acquisition this month citing a potential threat to national security, though the US Committee on Foreign Investment in the United States, known as CFIUS, failed to reach a consensus on the security issue.
«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,» US Steel said in a statement Sunday. «We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders.»
Shares of US Steel rose almost 7 per cent when markets opened Monday.
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