National Security Concerns Delay Nippon Steel's $14.9 Billion Bid for U.S. Steel

The U.S. national security panel reviewing Nippon Steel's $14.9 billion bid for U.S. Steel allowed the companies to refile their application, delaying a decision until after the November 5 presidential election. The review is centered around national security concerns and its potential impact on the U.S. steel supply chain.

The U.S. national security panel has delayed its decision on Nippon Steel's $14.9 billion bid for U.S. Steel, permitting the companies to refile their application. This move postpones a politically sensitive decision until after the November 5 presidential election, offering a glimmer of hope for the proposed merger.

According to sources, the Committee on Foreign Investment in the United States (CFIUS) needs more time to assess the deal's national security implications. The review period is reset to a new 90-day window and is expected to take most of this timeframe.

Both Vice President Kamala Harris and former President Donald Trump have voiced opposition to the deal, reflecting the high political stakes involved. The United Steelworkers Union also remains strongly against the acquisition due to concerns over national security and the steel supply chain.

(With inputs from agencies.)