Biden Administration Delays Enforcement on Nippon Steel's U.S. Bid

The Biden administration has delayed enforcing an executive order requiring Nippon Steel to abandon its $14.9 billion bid for U.S. Steel. This delay allows the courts to review a legal challenge against President Biden's order, which previously had a 30-day transaction unwind period.

In a significant move, the Biden administration has opted to delay the enforcement of a recent executive order that required Nippon Steel to drop its $14.9 billion bid for U.S. Steel.

The original order mandated a 30-day period for the parties to unwind their transaction, a timeline now paused.

This delay is intended to allow the courts adequate time to examine a legal challenge filed by the involved parties against President Joe Biden's directive.

(With inputs from agencies.)