Nippon Steel's U.S. Steel Acquisition Plan Referred to Biden for Review -- Update

Dow Jones

2024/12/24

By Kosaku Narioka

Nippon Steel's plan to acquire United States Steel has been referred to President Biden after a government panel reviewing the plan failed to reach a consensus.

The Japanese steelmaker said Tuesday that it had been informed of the matter by the Committee on Foreign Investment in the United States, which reviews foreign investments in the U.S. for national security risks.

Nippon Steel said that it is confident that the transaction should be approved if it is fairly evaluated on its merits.

Nippon Steel urged the U.S. president to reflect on the steps the company has taken to address national security concerns and the significant commitments it has made to grow U.S. Steel and protect American jobs.

While Biden has yet to formally block the takeover, the White House has reiterated his position that U.S. Steel should be domestically owned and operated.

President-elect Donald Trump has similarly rejected the Pittsburgh-based company's sale to a foreign company.

The announcement of the $14.1 billion deal last December followed months of bidding from several suitors for U.S. Steel, including the company's main rival, Cleveland-Cliffs.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

December 23, 2024 22:37 ET (03:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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