US decision on Nippon bid for US Steel delayed until after election By Reuters

By Jeff Mason

(Reuters) – A national security committee reviewing Nippon Steel’s bid for U.S. Steel has granted a request from the companies to resubmit their bid for approval of the deal, a person familiar with the matter said on Tuesday, giving the Biden administration until after the US presidential election. elections to make a decision about blocking the transaction.

CFIUS, the Committee on Foreign Investment in the United States, needs more time to understand the national security impact and engage with the parties, the person added. The reload sets a new 90-day clock to review the proposed bond and make a decision.

President Joe Biden, Democratic presidential candidate Kamala Harris and Republican presidential candidate Donald Trump have said they want US Steel to remain in American hands.

CFIUS, US Steel and Nippon Steel did not immediately respond to requests for comment from Reuters.