Biden to Announce US Steel Acquisition Approval Possibly on the 3rd

U.S. President Joe Biden is expected to announce as early as the 3rd (local time) whether he will approve Nippon Steel's acquisition of US Steel, according to a report by CBS News on the 2nd citing sources.

Reuters Yonhap News

According to the report, President Biden has engaged in extensive discussions over the past few days with Secretary of State Antony Blinken and others regarding the approval decision.

The Committee on Foreign Investment in the United States (CFIUS), under the U.S. Treasury Department, which has been reviewing Nippon Steel's acquisition of US Steel, referred the case to the White House on the 23rd of last month. President Biden can announce a final decision within 15 days after the CFIUS review process concludes or decide to extend the review.

Previously, CFIUS failed to reach an agreement on the national security risk assessment related to Nippon Steel's acquisition of US Steel. Locally, it is anticipated that President Biden may use this as a legitimate basis to block the acquisition. US Steel is a company regarded as a symbol of American industrialization.

President Biden has publicly opposed this acquisition since last year. Donald Trump, the president-elect who will take office on the 20th, is also negative about Nippon Steel's acquisition of US Steel. Some reports suggest that President Biden might make the final decision before the incoming Trump administration takes office.

On the same day, Nihon Keizai Shimbun cited CBS News' article and reported that "If Biden expresses his intention to block the deal, Nippon Steel is prepared to go to court."

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