U.S. Foreign Investment Panel Split on Nippon Steel's U.S. Steel Acquisition

The acquisition deal was initially announced in December 2023 and was expected to be completed in Q3 2024.

SEATTLE (Scrap Monster): According to the U.S. Treasury, which is in charge of the Committee on Foreign Investment in the U.S. (CFIUS), the U.S. Foreign Investment Panel, which was established to look into Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel, has not been able to come to a consensus.

ALSO READ: Nippon Steel Executives Visit Gary Workers Amid Concerns over Pending US Steel Sale

The Biden administration had set December 23, 2024, as the deadline for the panel's final approval or an extension of the review period. The U.S. Treasury told both corporations that the committee's nine agencies have not reached a consensus on how to handle national security issues.

CFIUS warned the two businesses earlier in September that the acquisition could jeopardize the supply of steel and hence pose a national security risk.

According to President Joe Biden, national security would be at risk if the Japanese giant were to acquire the local steel company. The Biden administration might veto the deal because of the panel members' disagreements. It should be mentioned that Donald Trump, the president-elect of the United States, has made it apparent that he would thwart any possible merger agreement between the two businesses.

When the acquisition agreement was first announced in December 2023, it was anticipated to be finalized in the third quarter of 2024.

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