Stalled Steel Takeover: Nippon Steel's Bid for US Steel Faces Political Turmoil

Nippon Steel's pursuit of acquiring US Steel is delayed again after the Biden administration grants an extension due to national security concerns. With both Biden and Trump opposing the deal, a future decision rests with a potentially new CFIUS and presidency. The controversy has sparked legal battles and union tension.

Nippon Steel's attempt to acquire US Steel finds itself in limbo as the Biden administration extends the deadline for the deal. Originally blocked by President Biden over national security concerns, the acquisition is now set for reconsideration by mid-June.

Both President-elect Donald Trump and current President Joe Biden have expressed disapproval, citing national security threats. Despite this, the US Committee on Foreign Investment in the United States (CFIUS) remains divided on the issue, as their extension signals a chance for another evaluation.

The proposed acquisition has sparked legal disputes and significant political debate. While the United Steelworkers union has voiced opposition over potential job losses, Nippon Steel argues the deal would bolster US competitiveness against China. The story continues to unfold as the deadline approaches, placing the future of American steel on precarious terms.

(With inputs from agencies.)