Steel Mills
Decision on fate of USS/Nippon deal pushed to after elections: Report
Written by Laura Miller
September 19, 2024
The US government’s decision on whether it will block Nippon Steel’s acquisition of U.S. Steel on national security grounds has been pushed until after the November elections.
That’s according to a Sept. 17 Reuters report citing sources familiar with the matter who preferred to remain anonymous due to the delicacy of the situation.
Reuters said that the Committee on Foreign Investment in the US (CFIUS) allowed USS and Nippon to refile their application seeking approval for the merger.
That would reset the 90-day period CFIUS has to review the application and delay its decision on whether the deal poses a threat to national security.
If the Committee refers the case to President Biden after its review, he will have up to 15 days to decide the deal’s fate.
Nippon Steel declined to comment on this story. U.S. Steel and CFIUS did not return requests for comment.
Laura Miller
Read more from Laura MillerLatest in Steel Mills
Despite trade chaos, Barry Schneider upbeat on SDI, steel
With 30 years of experience at Steel Dynamics, Barry Schneider reflects on the company and the state of the steel industry.
Algoma Steel seeks CAD$500M in operational support
Algoma Steel applied to Canada’s federal Large Enterprise Tariff Loan (LETL) program for $500 million to support its long-term operations.
SDI concerned with potential Brazil pig iron tariffs
Steel Dynamics Inc. (SDI) executives called a 50% tariff on Brazilian pig iron “concerning,” but think tariffs will be a “mainstay” of trade agreements going forward.
SDI earnings slip in Q2 as trade volatility hits customer orders
SDI profits slipped in second quarter amid trade policy volatility.
Cliffs puts ‘for sale’ signs up after another big quarterly loss
Cleveland-Cliffs lost more than $400 million for the third consecutive quarter but predicted results would improve in the second half of the year. And shares of the Cleveland-based steelmaker surged after company executives said during its Q2 earnings call on Monday that they could make billions by courting foreign investors or selling assets.