US decision on Nippon’s bid for US Steel pushed back until after election By Reuters

By Jeff Mason

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

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

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

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